Morgan Properties has acquired two portfolios totaling eight apartment communities and 2,986 units in Illinois and Indiana for $410 million.
The Illinois portfolio consists of The Lakes of Schaumburg (428 units), Blackhawk Apartments (371 units), and The Gates of Deer Grove (204 units). Located in Schaumburg, Elgin, and Palatine respectively, these three communities are situated within some of the most desirable Chicago suburbs.
The Indianapolis portfolio consists of The Boardwalk at Westlake (1,381 units), Parkside at Castleton Square (190 units), Lakeside Crossing at Eagle Creek (166 units), The Elliott at College Park (126 units), and The Preserve on Allisonville (120 units). Each community is strategically located along Interstate 465 and readily accessible to local universities and business hubs in Indianapolis and surrounding areas.
“On the heels of our recent acquisition in Fayetteville, North Carolina, these portfolios presented yet another opportunity for Morgan Properties to continue to strategically diversify our geographic footprint beyond the Mid-Atlantic region,” said Jonathan Morgan, President of Morgan Properties JV. “We remain bullish on the fundamentals of the multifamily industry and are extremely well positioned to capitalize on portfolio acquisition opportunities. We are excited to achieve another milestone in growing our portfolio to 95,000 units and we will continue to target opportunistic deals in our acquisition efforts.”
“We are excited to enter the Indianapolis market and further expand our existing Chicago portfolio,” said Jason Morgan, President of Morgan Properties Special Situations & Principal. “Growing our presence in the Midwest provides us with the necessary scale to quickly deploy our value-add strategies, enhancing the overall experience for the thousands of residents who call these communities home. Additionally, acquiring these portfolios in an increasingly choppy capital markets environment is a testament to our reputation in providing execution certainty. Morgan Properties was able to capitalize on market volatility and we look forward to executing on our business plan and delivering for our residents, employees, and investors.”
Morgan Properties plans to invest over $40 million in capital improvements across the two portfolios that will include premium kitchen and bathroom upgrades including new decorative backsplashes, in-unit washer and dryer installations, new vinyl floors, community amenity enhancements, advanced technology, and more.