Olayan America and Morgan Properties have partnered to buy a portfolio of 14,414 units from STAR Real Estate Ventures, a joint venture between El-Ad National Properties and Yellowstone Portfolio Trust, for $1.75 billion.
The North Star portfolio consists of 48 apartment communities and 11 states, including Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. The acquisition allows Morgan Properties and Olayan America to establish a foothold in Florida, Texas, Georgia, Louisiana and Michigan.
"We are seeing a shift in demographic trends throughout these regions. For instance, Florida has a total of 22 million residents and is expecting to add 4 million more residents by 2030 or 900 each day," Jason Morgan, principal at Morgan Properties, told GlobeSt.com in a written statement. "The pandemic has brought residents' new priorities to light and we look to continue to expand our portfolio to cater to their new wants and needs."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
