Conshohocken’s Morgan Properties, the nation’s largest private owner of multi-family communities, has expanded into Kentucky, reports the company.
The $39 million acquisition of Blankenbaker Crossings in Louisville makes Kentucky state number 20 in Morgan Properties ever-growing portfolio. This comes as the company celebrates its 40 year anniversary.
Morgan Properties already has a footprint in the surrounding states of Ohio and Indiana.
Co-president Jonathan Morgan emphasized their commitment to the growth, saying that they “remain bullish on the Midwest and will continue to strategically identify opportunities where we can leverage our four decades of success in multifamily. . .”
The new property, built between 2005-2006, is 96 percent occupied. It’s proximity to local employers like UPS and Ford make it an ideal space for new residents.
Morgan Properties plans to invest $2.1 million to upgrade the community, adding pickleball and dog courts as well as updating the kitchens and bathrooms. Waterfront Park is also closeby as well as a vibrant dining and entertainment scene.
The acquisition was brokered by Cushman and Wakefield.
Founded in 1985, Morgan Properties owns and manages over 97,000 units across 350 communities nationwide, solidifying its leadership in te multifamily sector.
Read more about the company’s new acquisition in Louisville, Kentucky in the Lane Report.
