Conshohocken’s Morgan Properties continues to grow its national footprint in yet another big move, writes Matthew Kaufman for Multihousing News.
This time, the company purchased Country Manor Apartments, a 328-unit garden-style community in Webster, New York. The property previously belonged to PH Realty Capital. It features 10 buildings built in phases during the late 1960s and 1970s. Amenities include a fitness center, pool, dog park, picnic areas, and tennis courts.
The sale was brokered by Endeavor Real Estate Group’s James Buckley and Patrick Salvato. Terms of the deal were not disclosed, but PH Realty acquired the property in 2021 for nearly $30 million, according to Yardi Matrix.
For Morgan Properties, this is just the latest in a string of acquisitions. Earlier this year, the company purchased 11 Midwestern properties from Trilogy Real Estate for $501 million and announced plans to acquire Toronto’s Dream Residential REIT for $354 million. With a portfolio now topping 100,000 units and a value of $17 billion, Morgan Properties ranks as the fourth largest multifamily owner in the U.S.
As demand for affordable rental housing grows nationwide, the Conshohocken firm’s strategy is clearly to continue expanding nationwide.
Read more about Morgan Properties and their acquisition in Multihousing News.
