CONSHOHOCKEN, PA — Morgan Properties has completed a landmark $354 million acquisition of Dream Residential Real Estate Investment Trust (REIT), taking the publicly traded Canadian REIT private and adding 15 multifamily communities totaling 3,300 units to its U.S. portfolio.
The deal expands Morgan Properties’ footprint across major markets in Texas, Ohio, Kentucky, and Oklahoma, and underscores the firm’s growing role as one of the few U.S. operators capable of executing complex public-to-private real estate transactions.
Co-presidents Jonathan and Jason Morgan said the company relied on its balance sheet strength and experience with structured deals to meet the requirements of Dream Residential’s unitholders and board. The transaction aligns with the firm’s contrarian investment strategy, which targets large, institutionally sized workforce housing portfolios typically overlooked by major investors.
Morgan Properties has been aggressively expanding. The company has acquired $1.5 billion in assets so far in 2025, totaling more than 14,000 units, and recently surpassed 110,000 units during its 40th anniversary year. Company leaders said they expect to continue capitalizing on opportunities as institutional investors shift toward higher-end assets and regional competitors face capital constraints.
Following the Dream deal, Morgan Properties plans to reinvest $58 million across the newly acquired communities—built between 1968 and 2002—focusing on interior upgrades, exterior improvements, and amenity enhancements. The company has added more than 80 properties to its portfolio this year and hired 250 site-level employees. Total planned capital improvements across recent acquisitions exceed $200 million.
TD Securities served as financial advisor to Dream Residential REIT.
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