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 nations 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.