KING OF PRUSSIA, PA – Morgan Properties, the nation's fifth largest home owner and operator, announced it has acquired 18 communities with 3,256 homes in North and South Carolina. Morgan Properties acquired the portfolio for $ 323 million. This transaction will bring Morgan Properties units in the Carolinas to nearly 5,000 units and the national portfolio to more than 78,750 units. Through the acquisition, the company will retain over 70 existing jobs and at the same time create 10 new regional management positions in the Carolinas. Morgan Properties also plans to invest an additional $ 20 million in renovations and improvements to the property's furnishings.
"While 2020 is an unprecedented year, this acquisition demonstrates our continued confidence in the Class B, value-adding multi-family foundations, the strength of our business and talented team, and our willingness to expand 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. "
The Carolinas portfolio is primarily focused on North Carolina with 13 properties totaling 2,243 garden-style apartments conveniently located in or near Charlotte. Parishes 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; and Huntersville in Huntersville. There are three additional parishes with 562 units in Winston-Salem: Highland Ridge in High Point; Clemmons Station in Clemmons; and enclave at North Point.
The South Carolina portfolio also includes three unique 583-unit multi-family communities in Rock Hill, Gaffney and Anderson: Gable Oaks with direct access to retail and I-77, 1022 West, conveniently located near US Highway 29 and I-85 . and Station 153, located within walking distance of Anderson's largest park and minutes from great shopping, dining, and entertainment.
Morgan Properties plans to implement a $ 20 million value-added repositioning strategy across its portfolio that includes improved curb appeal and signage. Premium upgrades for the kitchen and bathroom; Washing and drying systems; and amenities such as dog parks, playgrounds with outdoor fitness stations, high-end bike racks and bike-share programs, patios with grills and fire pits, putting greens, club rooms with games like table tennis, table football and pool tables, and a package room with Amazon Hub lockers.
"The Carolinas portfolio offers Morgan Properties a tremendous opportunity to expand its presence in the Carolinas and do what it does best: our residents looking for an affordable but exceptional living experience, our world-class service and value-added amenities offer, "said Jason Morgan. Morgan Properties client. "As a premier Class B owner / operator, we will continue to target investment opportunities in these markets and at the national level where our operational expertise can quickly add value for residents and investors."
As of 2012, Morgan Properties has acquired over $ 7.5 billion in total acquisitions that include more than 55,000 units. In 2019 alone, the company bought $ 3.1 billion and 24,000 units in 8 states.