Morgan Properties Acquires Two Midwest Portfolios for $410M
The two portfolios total eight apartment communities and 2,986 units in Illinois and Indiana.
Morgan Properties has acquired two portfolios totaling eight apartment communities and 2,986 units in Illinois and Indiana. The two portfolios combined sold for $410 million. With the addition of these new communities, Morgan Properties now owns and operates 2,035 units in Illinois, 3,692 units in Indiana, and more than 95,000 units nationwide.
The Illinois portfolio consists of The Lakes of Schaumburg, which includes 428 units in Schaumburg; Blackhawk Apartments, comprised of 371 units in Elgin; and The Gates of Deer Grove, including 204 units in Palatine.
The Indianapolis portfolio consists of The Boardwalk at Westlake (1,381 units), Parkside at Castleton Square (190 units), Lakeside Crossing at Eagle Creek, (166 units), The Elliott at College Park (126 units), and The Preserve on Allisonville (120 units). Each community is located along Interstate 465 and accessible to local universities and business hubs in Indianapolis and surrounding areas.
Morgan Properties plans to invest over $40 million in capital improvements across the two portfolios that will include kitchen and bathroom upgrades featuring new decorative backsplashes, in-unit washer and dryer installations, new vinyl floors, community amenity enhancements, and advanced technology.