CHARLOTTE, NC – Morgan Properties has acquired an 18-property multi-family portfolio comprising 3,256 units in North Carolina and South Carolina for $ 323 million.
Morgan Properties plans to invest an additional $ 20 million in value-adding renovations and improvements to the furnishings of the entire portfolio. The strategy for repositioning with added value includes improved attractiveness and signage of the curbs, upgrades for kitchens and bathrooms, installations of washing machines and dryers, new dog parks, playgrounds, bike racks, patios, putting greens, club rooms, parcel delivery rooms and a bike release program.
With the transaction, the company will maintain more than 70 existing jobs and at the same time create ten new regional management positions in the Carolinas.
The portfolio's assets are primarily concentrated in North Carolina with 13 properties totaling 2,243 garden style units in or near Charlotte and three other properties totaling 562 units in Winston-Salem. The South Carolina properties consist of three multi-family parishes with 583 units in Rock Hill, Gaffney and Anderson.
North Carolina communities include Village at Brierfield, Wexford, and Sharon Pointe in Charlotte; Parkway Station, Trinity Station, and Waters Edge in Concord; Kannon Station and McClain Heights in Kannapolis; Woodbrook in Monroe; Alexander Station, Ashton Woods and Lakewood in Salisbury; Huntersville in Huntersville; Highland Ridge at High Point; Clemmons Station in Clemmons and enclave at North Point in Winston-Salem.
"While 2020 is an unprecedented year, this acquisition shows our continued confidence in Class B, the value-adding foundations for apartment buildings, the strength of our business and talented team, and our willingness to add to our portfolio," said Jonathan Morgan, President of Morgan Properties. “The Carolinas are fast growing markets with excellent access to major employment centers. We look forward to expanding our presence in these key markets, creating employment opportunities at a critical time in our economy, and enhancing the life experience for the thousands of residents who call these communities home. "
Following the recent acquisition, Morgan Properties currently owns nearly 5,000 units in the Carolinas and more than 78,750 units in its national portfolio. Since 2012, the owner and operator of the apartment has made a total acquisition volume of more than 7.5 billion US dollars. In 2019, the company bought $ 3.1 billion and 24,000 units in eight states.