CONSHOHOCKEN, PA - Morgan Properties, the nation’s largest private owner of multifamily communities, announced that it has acquired an 11-property portfolio of apartments located throughout the state of Pennsylvania from the original developer and owner – The DePaul Management Company.
Totaling 3,434 units in the suburbs of Philadelphia and Pittsburgh, the Lehigh Valley, Reading, and the state capital of Harrisburg, this acquisition significantly increases Morgan Properties’ presence in its home state. Morgan Properties now owns and manages over 14,000 units and 56 communities in Pennsylvania, and 350 communities nationwide.
"As Morgan Properties continues to expand its national footprint, we remain deeply committed to our Pennsylvania roots," said Jonathan Morgan, President of Morgan Properties JV. "The DePaul acquisition directly supports our strategic goal of acquiring large multifamily portfolios with high barriers to entry where our market concentration will enable us to achieve operational efficiencies and capitalize on economies of scale. We look forward to maximizing these assets through our professional management expertise and executing our value-add repositioning strategy."
Morgan Properties plans to invest over $80 million in physical upgrades to the communities over the coming years to enhance the resident experience. Capital plans will address kitchen, bath, and common area renovations, installation of in-unit washers and dryers, lighting, security, and landscape improvements, roof replacements and parking lot repairs, and the installation of high-efficiency heating systems. Additionally, amenity and common area enhancements will include fitness center upgrades and expansions, installation of exterior dog parks and pet wash stations, Amazon package hubs, playgrounds, pickleball courts, and outdoor grilling islands.
“Morgan Properties maintains a strategic and opportunistic approach to our acquisitions,” said Jason Morgan, President of Morgan Properties Special Situations and Principal. “Our team utilizes proprietary data from our existing portfolio to make calculated bets on where to invest and the DePaul portfolio is located in high-density submarkets where we have a track record of success. We look forward to executing our operational and capital improvement programs to create an exceptional living experience for the thousands of residents who call these communities home.”
Matthew Stefanski and Zachary Pierce of Berkadia's Philadelphia Office brokered the transaction.