Morgan Properties has purchased two portfolios totaling 18 apartment communities and 4,724 units in four states: Georgia, Florida, North Carolina, and South Carolina.
The company paid $780.5 million for the Middle Street Partners (MSP) and Northland portfolios.
“These two portfolio acquisitions come just months after our monumental $1.75B North Star transaction, making 2021 another significant year in Morgan Properties’ three-decade growth story,” said Jonathan Morgan, President of Morgan Properties JV.
“Since 2012 alone, we have acquired more than $9 billion of assets and over 75,000 units, strengthening our reputation as one of the fastest-growing multifamily owners/operators. As we inch closer to becoming the largest in the nation, we’ll continue to prioritize opportunities to expand our presence in key markets like the Sunbelt, retain and create jobs, and enhance the overall living experience for the thousands of residents who call Morgan Properties home,” he added.
The MSP Portfolio spans Georgia, Florida, North Carolina, and South Carolina. Its 15 apartment communities totaling 4,102 units offer a mix of Class B workforce and Class A upscale units with a concentration of units in the Columbia, SC; Fayetteville, NC; Jacksonville, FL; Augusta, GA; Greenville, SC; and Charlotte, NC markets.
The Northland Portfolio is focused in West Palm Beach, FL and consists of three garden-style apartment communities totaling 622 units. Royal St. George (224 units), Village Place (202 units), and Windward at the Villages (196 units) are within walking distance of each other and provide convenient access to many of the areas primary shopping, golf, and dining options.
“The Sunbelt region is booming right now, and these two portfolios presented a tremendous opportunity for us to increase our footprint in states that are undergoing high population and employment growth,” said Jason Morgan, Principal of Morgan Properties.
“As a company, we continue to play offense and proactively seek large portfolios that allow operational efficiencies and economies of scale. These new portfolios based in some of the most in-demand multifamily markets in the country enable us to further expand our best-in-class, Class B workforce housing platform while also diversifying our expertise with the inclusion of several newer Class A communities.”