CHARLOTTE, NC – Morgan Properties has acquired an 18-property multifamily 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-add renovations and amenity upgrades across the portfolio. The value-add repositioning strategy will encompass enhanced curb appeal and signage, kitchen and bathroom upgrades, washer and dryer installations, new dog parks, playgrounds, bike racks, resident patios, putting greens, club rooms, package delivery rooms and a bike-share program.
With the transaction, the company will maintain more than 70 existing jobs, while creating ten new regional management positons based in the Carolinas.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
