Conshohocken-based Morgan Properties announced that it has acquired an 11-property portfolio of apartments located throughout Pennsylvania from DePaul Management Company. DePaul Management was the original developer and owner of all the properties. Four of the apartment communities, totaling 1,743 units, are in Montgomery and Bucks counties. Morgan, one of the largest multifamily owners nationwide, plans to spend $80 million upgrading the newly acquired properties. The improvements will include renovating kitchens, bathrooms, lighting, security, landscaping, roofs and parking lots, as well as installing in-unit washers and dryers and high-efficiency heating systems. Planned common area and amenity upgrades include fitness center expansions, new dog parks, package hubs, pickleball courts and outdoor grills. Morgan Properties now owns and manages over 14,000 units and 56 communities in Pennsylvania, and 350 communities nationwide.
Source: Philadelphia Business Journal; 7/1/2024 & More Than the Curve; 7/2/2024