Morgan Properties Enters Kentucky Market with $39 Million Acquisition of The Blankenbaker Crossings Apartment Community in Louisville

LOUISVILLE, KY - Morgan Properties, the nation’s largest private owner of multifamily communities, announced its entry into Kentucky with the $39 million acquisition of Blankenbaker Crossings, a 236-unit garden-style apartment community in Louisville. Kentucky is now the 20th state in Morgan Properties’ rapidly growing portfolio, solidifying the company’s presence as a leader in multifamily and marking a strategic expansion into one of the Heartland region's most promising markets.

“Entering Kentucky and adding the 20th state to our growing portfolio is a pivotal way to kick off Morgan Properties 40th-anniversary year,” said Jonathan Morgan, Co-President of Morgan Properties and President of Morgan Properties JV. “As a company, Morgan Properties remains bullish on the Midwest and will continue to strategically identify opportunities where we can leverage our four decades of success in multifamily to enhance the living experience for residents in high-growth markets here and across the country.”

Blankenbaker Crossings offers convenient access to public transportation, major employment hubs such as UPS, Norton Healthcare, and Ford Motor Co., and local Louisville attractions like Waterfront Park and a thriving dining and entertainment scene. Built in 2005-2006, the property maintains a 96% occupancy rate and provides a significant repositioning opportunity, as most units remain in original condition. Morgan Properties plans to invest $2.1 million in renovations and upgrades including kitchen and bath renovations, the addition of washers and dryers, smart apartment features, and new community amenities such as a pickleball court, dog parks, and Amazon package hubs. These investments aim to enhance the property’s curb appeal and deliver an exceptional living experience for residents.

“Expanding into Kentucky is a natural extension of our robust footprint in neighboring states like Ohio and Indiana,” said Jason Morgan, Co-President of Morgan Properties and President of Morgan Properties Special Situations. “Blankenbaker Crossings presents a compelling opportunity to bring our proven professional management expertise and value-add repositioning strategies to a new, highly desirable market while capitalizing on Louisville’s strong rent growth and economic stability.”