Morgan Properties Expands in Pennsylvania with Major Acquisition

Morgan Properties

CONSHOHOCKEN, PAMorgan Properties has significantly increased its presence in Pennsylvania by acquiring an 11-property portfolio from The DePaul Management Company. The acquisition includes 3,434 apartment units located in the suburbs of Philadelphia and Pittsburgh, the Lehigh Valley, Reading, and Harrisburg.

Morgan Properties now owns and manages over 14,000 units across 56 communities in Pennsylvania and 350 communities nationwide.

“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. He highlighted that this acquisition supports the company’s strategy of acquiring large multifamily portfolios in high-demand areas, allowing them to achieve operational efficiencies and capitalize on economies of scale.

The acquired properties are:

  • Blair Mill Village East – Horsham, PA: 768 units
  • Blair Mill Village – Horsham, PA: 368 units
  • Congress Apartments – Allentown, PA: 548 units
  • South Mountain – Allentown, PA: 237 units
  • Antietam Arms – Reading, PA: 148 units
  • Mount Penn Manor – Reading, PA: 125 units
  • Hanover Manor – Carlisle, PA: 93 units
  • Carlwynne Manor – Carlisle, PA: 80 units
  • Presidential Arms – Allison Park, PA: 460 units
  • Wissahickon Park – Lansdale, PA: 343 units
  • Quakertown West – Quakertown, PA: 264 units

“Morgan Properties maintains a strategic and opportunistic approach to our acquisitions,” said Jason Morgan, President of Morgan Properties Special Situations and Principal. He noted that the DePaul portfolio is situated in high-density submarkets where Morgan Properties has a history of success.

Morgan Properties plans to invest over $80 million in upgrades to enhance these communities. Planned improvements include kitchen, bath, and common area renovations, in-unit washers and dryers, enhanced lighting, security upgrades, landscape improvements, roof replacements, and parking lot repairs. Additional enhancements will feature fitness center upgrades, dog parks, pet wash stations, Amazon package hubs, playgrounds, pickleball courts, and outdoor grilling islands.

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Matthew Stefanski and Zachary Pierce of Berkadia’s Philadelphia Office brokered the transaction.

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