Morgan Properties Enters Nashville with $91 Million Multifamily Portfolio Acquisition

Company purchases four apartment communities and plans to expand in
the Nashville market

KING OF PRUSSIA, Pa.–(BUSINESS WIRE)–Morgan
Properties
, a real estate investment and management company,
announced today that it has acquired a four-property, 826-unit apartment
portfolio in Nashville, Tennessee. This is Morgan Properties’ first
purchase in the state further supporting its reputation as one of the
nation’s largest and fastest-growing multifamily investors. The company
acquired the multifamily portfolio from Cardone Capital for $91 million
and plans to invest an additional $8.7 million into renovations and
amenity upgrades.


“Entering Nashville is a major milestone for Morgan Properties.
Nashville is a hot market and we have been targeting it for quite some
time. We felt this portfolio gave us a foundation to build on as we
continue to seek follow-on investment opportunities to scale our
footprint in the market,” said Jonathan Morgan, President of Morgan
Properties JV.

Morgan Properties has been on an acquisitions tear since 2012, having
closed 35 transactions and acquired over $3.5 billion in acquisition
volume comprised of over 24,000 units in eight states. In 2017 alone,
the company acquired $1.2 billion of multifamily assets consisting of
over 8,700 units. Most notably, Morgan Properties purchased
the Mark Center Portfolio
from JBG Smith for $509 million and
entered Northern Virginia. Subsequently, Morgan Properties acquired
Bennington Crossings
, a 308-unit apartment community in Alexandria,
Virginia, as a follow-on deal from JBG Smith for $62 million.

“When we enter a new market, we typically want to acquire at least
2,500-3,000 units to gain scale and generate operational efficiencies
given our geographic concentration. We have now successfully executed
this strategy in Alexandria, Virginia and we intend to follow suit in
Nashville,” said Jonathan Morgan, President of Morgan Properties JV.

The Nashville portfolio consists of four garden-style apartment
communities: Hickory Creek, Lincoya Bay, Sheffield Heights, and Jackson
Grove. The infill locations offer the residents convenient access to
transportation and major employment centers in and around Nashville.
Morgan Properties plans to execute an $8.7 million value-add
repositioning strategy, which will include enhanced curb appeal and
signage; premium kitchen and bathroom upgrades; washer and dryer
installations; and enhancements to the fitness center, playgrounds, dog
parks, pool areas, exterior fitness areas, and other amenities. In
addition, the company will provide new tech features for residents that
include installing electronic locks, Wi-Fi-enabled thermostats and light
switches, and an Amazon Echo with voice control over all devices in
select units.

As a best-in-breed class B multifamily owner/operator, Morgan Properties
owns and manages over 45,000 units in 11 states throughout the country.
The company targets class B, multifamily assets in infill,
high-barrier-markets where its operational expertise can quickly add
value for its investors and residents. Morgan Properties was recently
named the 20th
largest apartment owner
and the 28th
largest apartment manager
by the National Multifamily Housing
Council.

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 155
apartment communities and over 45,000 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.

Contacts

Morgan Properties
Press Contact:
Leigh Minnier,
610-228-2108
leigh@gregoryfca.com
or
Company
Contact:

Jonathan Morgan, 610-945-1529
jmorgan@morganproperties.com