Conshohocken’s Morgan Properties is making waves in the Midwest, scooping up 11 apartment communities across the region for $501 million, writes Rebecca Picciotto for the Wall Street Journal.
The move adds more than 3,000 units to its portfolio and pushes the company past 100,000 apartments nationwide—an all-time high in its 40-year history.
Long known for its aggressive growth, the privately held firm is leaning into the Midwest’s rental market, which it sees as ripe for opportunity. “The Sunbelt was obviously hot post-COVID,” said Co-President Jonathan Morgan. “At the moment, it’s the Midwest.”
The company owned just two Midwest properties before 2019. Now it holds 14,500 units across the region, making this the largest U.S. multifamily deal of 2025 so far.
Why the Midwest? With fewer new apartments being built—multifamily starts dropped 66% in February—rents are holding steady, even as other markets cool. Plus, cities like Indianapolis and St. Louis are seeing job growth in manufacturing, logistics, and education.
While average rents hover around $1,400, Morgan Properties plans upgrades that will allow for modest rent increases—without pricing people out. “From a return perspective, this portfolio fits right in the sweet spot,” said Co-President Jason Morgan.
Read more about Conshohocken’s Morgan Properties’ acquisition in the Midwest in the Wall Street Journal.
