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Morgan Properties Expands Pennsylvania with Major Acquisition

Posted on by darion

CONSHOHOCKEN, PA — Morgan Properties has significantly expanded its presence in Pennsylvania with the acquisition of an 11-property portfolio from The DePaul Management Company. The acquisition includes 3,434 apartments located in the Philadelphia and Pittsburgh suburbs, the Lehigh Valley, Reading and Harrisburg.

Morgan Properties currently owns and manages more than 14,000 units in 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 emphasized that this acquisition supports the company’s strategy of acquiring large multifamily portfolios in high-demand areas, allowing them to achieve operational efficiencies and leverage 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, noting that the DePaul portfolio is located in high-density submarkets where Morgan Properties has a history of success.

Morgan Properties plans to invest more than $80 million in renovations to improve these communities. Planned improvements include kitchen, bathroom and common area renovations, in-unit washers and dryers, improved lighting, security upgrades, landscaping improvements, roof replacements and parking lot repairs. Additional improvements include fitness center upgrades, dog parks, pet wash stations, Amazon package centers, playgrounds, pickleball courts and outdoor grilling islands.

The transaction was brokered by Matthew Stefanski and Zachary Pierce of Berkadia’s Philadelphia office.

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