Morgan Properties Acquires $323M Multifamily Portfolio

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.

The portfolio’s assets are primarily concentrated in North Carolina, with 13 properties, totaling 2,243 garden-style units, located in or near Charlotte., and three additional properties, totaling 562 units, in Winston-Salem. The South Carolina properties consist of three multifamily communities with 583 units located in Rock Hill, Gaffney and Anderson.

The North Carolina communities 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; Huntersville in Huntersville; Highland Ridge in High Point; Clemmons Station in Clemmons and Enclave at North Point in Winston-Salem.

“Despite 2020 being an unprecedented year, this acquisition shows our continued confidence in class B, value-add multifamily fundamentals, the strength of our business and talented team, and our eagerness to grow our portfolio,” states Jonathan Morgan, president of Morgan Properties. “The Carolinas are fast-growing markets that offer great access to major employment hubs. We are excited to further expand our presence in these key markets, provide employment opportunities at a critical time in our economy, and enhance the living experience for the thousands of residents who call these communities home.”

Upon the recent acquisition, Morgan Properties currently owns nearly 5,000 units in the Carolinas, and more than 78,750 units throughout its national portfolio. Since 2012, the apartment owner and operator has purchased more than $7.5 billion in total acquisition volume. In 2019, the company purchased $3.1 billion and 24,000 units across eight states.