KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--Mar 14, 2019--Morgan Properties, one of the nation’s largest and fastest growing multifamily investors, announced today it officially ranks as Pennsylvania’s largest multifamily owner and operator following its $890.5 million acquisition of the Lantern Portfolio. With 10 assets and 4,130 units spanning Philadelphia and Northern Virginia, the Lantern Portfolio brings Morgan Properties’ Pennsylvania portfolio to 9,300 units and its total unit count reaches 50,000 units for the first time since its inception in 1985. This landmark acquisition marks the largest multifamily transaction in Philadelphia to date and expands the company’s already growing presence in the Northeast and Mid-Atlantic Region.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190314005211/en/
Mount Vernon Square, 1,387 Units, Alexandria, VA (Photo: Business Wire)
Morgan Properties acquired the Lantern Portfolio, a subset of the former Home Properties assets from Lonestar. The company plans to invest an additional $20 million into renovations and amenity upgrades. Morgan Properties has successfully completed recent acquisitions in both markets including the Mark Center Portfolio, a $509 million acquisition in Alexandria, Virginia; and Chesterfield Apartments and Curren Terrace Apartments, a combined $71 million portfolio acquisition in suburban Philadelphia.
“We are extremely proud of our organization in reaching this significant milestone of 50,000 units. The Lantern Portfolio was a once in a lifetime portfolio acquisition for us as it marks the largest multifamily transaction in Pennsylvania to date and officially makes us the largest multifamily owner in the state,” said Jonathan Morgan, President of Morgan Properties JV. “The Lantern Portfolio transaction solidifies the geographic concentration in two of our Core Markets of suburban Philly and Northern Virginia. We continue to remain bullish on the fundamentals in the multifamily industry and are very well positioned going forward. Since 2012, Morgan Properties has purchased over $5 billion in total acquisition volume comprised of over 30,000 units. Our team is looking forward to hitting the ground running on this one.”
The Lantern Portfolio’s Philadelphia assets consist of seven apartment communities totaling 2,346 units. Stonegate at Devon and Villas at Bryn Mawr, both situated in the coveted Main Line neighborhoods of Devon and Bryn Mawr, total 947 units. The remaining five assets, totaling 1,399 units, are located in Conshohocken, West Chester, Downingtown, Jeffersonville, and Bensalem in suburban Philadelphia.
The Northern Virginia sub-portfolio consists of three assets totaling 1,784 units. Mount Vernon Square in Alexandria, Virginia represents the largest apartment community in the Lantern portfolio, with 1,387 units. The property is considered the anchor asset to Morgan Properties’ rapidly growing presence in Alexandria. East Meadows and Village of Potomac Falls round out the Northern Virginia sub-portfolio. The properties, located in Fairfax and Sterling, total a combined 397 units. Both assets are located two miles from the Dulles Airport with convenient access to the Reston-Herndon employment centers and the growing Dulles technology corridor.
“The Lantern Portfolio acquisition is a gamechanger for our organization,” said Jason Morgan, Principal at Morgan Properties. “We aspire to get better with every acquisition and our team is excited about the economies of scale this brings to our portfolio. We closed this transaction using our internal sources of equity, secured attractive long-term, fixed-rate financing and view this portfolio as generational hold. We continue to be selective on acquisition opportunities, but realize these portfolios of critical mass rarely come on the market in suburban Philadelphia given the multifamily ownership composition is primarily comprised of families. We also look forward to owning over 5,000 units in Northern Virginia.”
As a best-in-breed class B multifamily owner/operator, Morgan Properties owns and manages 50,000 units in 11 states throughout the country. The company targets multifamily properties in infill, high-barrier markets where its operational expertise can quickly add value for its residents and investors.
About Morgan Properties
Established in 1985 by Mitchell Morgan, Morgan Properties is a national real estate investment and management company headquartered in King of Prussia, Pennsylvania. Morgan Properties and its affiliate, Morgan Properties JV own and manage a multifamily portfolio comprised of 168 apartment communities and over 50,000 units located in 11 states, primarily in the Mid-Atlantic and Northeast Region. Morgan Properties is currently the 20th largest apartment owner in the country. The Company prides itself on its quick decision-making ability, strong capital relationships and operational expertise. Learn more at www.morganproperties.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190314005211/en/
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE OTHER PROFESSIONAL SERVICES CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Morgan Properties
Copyright Business Wire 2019.
PUB: 03/14/2019 08:30 AM/DISC: 03/14/2019 08:30 AM