Morgan Properties is expanding its portfolio in its home state of Pennsylvania. The multifamily housing owner acquired 11 communities totaling more than 3,400 units from The DePaul Management Company. Morgan now owns and operates more than 14,000 units at 56 communities in Pennsylvania.
The new communities range from 80 units at Carlwynne Manor in Carlisle to 768 units at Blair Mill Village East in Horsham and 368 units at the nearby Blair Mill Village.
"As Morgan Properties continues to expand its national footprint, we remain deeply committed to our Pennsylvania roots," said Jonathan Morgan, President of Morgan Properties JV, in a release. "The DePaul acquisition directly supports our strategic goal of acquiring large multifamily portfolios with high barriers to entry where our market concentration will enable us to achieve operational efficiencies and capitalize on economies of scale. We look forward to maximizing these assets through our professional management expertise and executing our value-add repositioning strategy."
Morgan plans for $80 million in upgrades to enhance the resident experience, which will include in-unit washers and dryers, updated kitchens and baths, and amenity improvements.