Morgan Properties acquired a portfolio of 3,054 units across 11 assets in eight Midwest states from Trilogy Real Estate Group.
This acquisition, valued at $501 million, marks a significant milestone in the firm’s 40-year history as it expands Morgan Properties’ apartment holdings to over 100,000 units nationwide while continuing to broaden its presence throughout the Midwest.
The communities, located in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma, and Tennessee, range in age from 1989 to 2018 and are exceptionally well-located within their respective submarkets.
Morgan Properties has outlined a comprehensive value-add strategy aimed at increasing the marketability and comfort of these properties through physical and operational improvements. Enhancements will include programmatic interior upgrades consisting of new flooring, appliances, cabinets, and countertops, as well as smart home features and an expansion and refresh of on-site amenities.
Morgan Properties now owns and operates over 360 communities in 22 states throughout the country. Through a series of key portfolio acquisitions, the largest of which was a $2.6 billion purchase of 98 communities, the firm’s apartment holdings have more than doubled in the past 6 years under the leadership of Jonathan and Jason Morgan.
Newmark brokered 10 of the properties and Walker Dunlop brokered one property in the transaction.
