Sheffield Heights, Nashville, TN
NASHVILLE—Morgan Properties reports it has entered the Music City market with the purchase of an 826-unit apartment portfolio here from Aventura, FL-based Cardone Capital for $91 million.
The company says it on the lookout for additional acquisitions in the market to bring its portfolio in the Nashville region into the thousands of units.
Morgan, which is headquartered in King of Prussia, PA, plans to invest an additional $8.7 million at the four multifamily properties— Hickory Creek, Lincoya Bay, Sheffield Heights, and Jackson Grove. The repositioning program will entail enhanced curb appeal and signage; premium kitchen and bathroom upgrades; washer and dryer installations; and enhancements to the fitness center, playgrounds, dog parks, pool areas, exterior fitness areas and other amenities. The deal also marks Morgan Properties' first purchase in the State of Tennessee.
In addition, the company will provide new tech features for residents at the four properties that include installing electronic locks, Wi-Fi-enabled thermostats and light switches, and an Amazon Echo with voice control over all devices in select units.
“Entering Nashville is a major milestone for Morgan Properties. Nashville is a hot market and we have been targeting it for quite some time. We felt this portfolio gave us a foundation to build on as we continue to seek follow-on investment opportunities to scale our footprint in the market,” says Jonathan Morgan, President of Morgan Properties JV.
Morgan Properties has closed 35 transactions and acquired more than $3.5 billion in assets comprised of more than 24,000 units in eight states since 2012. Last year, the company acquired $1.2 billion of multifamily assets consisting of more than 8,700 units. Most notably, Morgan Properties purchased the Mark Center Portfolio from JBG Smith for $509 million and entered Northern Virginia.
Earlier this month, Morgan Properties acquired Bennington Crossings, a 308-unit apartment community in Alexandria, VA from JBG SMITH for $62 million.
“When we enter a new market, we typically want to acquire at least 2,500-3,000 units to gain scale and generate operational efficiencies given our geographic concentration. We have now successfully executed this strategy in Alexandria, VA and we intend to follow suit in Nashville,” says Jonathan Morgan, president of Morgan Properties JV.
A Class B multifamily owner/operator, Morgan Properties owns and manages a portfolio of 155 apartment communities encompassing more than 45,000 units in 11 states throughout the country.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
