Conshohocken’s Morgan Properties, the nation’s largest private multifamily owner, has added another major purchase to its growing portfolio, writes Lidia Dinkova for The Real Deal.
The firm acquired a 300-unit apartment complex near West Palm Beach for nearly $70 million, underscoring its aggressive national expansion strategy.
The gated community, Visions at Willow Pond, includes 17 two- and three-story buildings, a clubhouse, and a warehouse on more than 30 acres. The property was purchased from Miami-based Bar Invest Group for $69.95 million. Morgan financed the deal with a $49.9 million Freddie Mac loan.
Led by founder Mitchell Morgan, the company has been on a buying spree. In April, it purchased an 11-property portfolio spanning eight states for $501 million, pushing its holdings past 100,000 units. Morgan Properties also struck a $354 million agreement to acquire a majority stake in Canada’s Dream Residential REIT.
Though South Florida’s apartment market has cooled since the pandemic boom, Morgan continues to bet big.
Beyond Florida, the firm is a dominant landlord in Montgomery County, where it manages thousands of apartments across Conshohocken, King of Prussia, and other communities.
To learn more about the acquisition, visit The Real Deal.
