28A — March 19 - April 15, 2021 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal 48 apartment communities in 11 states sell for $1.75B Morgan Properties &Olayan acquire 14,414 unit portfolio

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North Carolina, South Caro- lina, Louisiana, Michigan, Il- linois, Indiana, Ohio and Mary- land. Unit concentrations are in suburban Baltimore (2,566 units), Tampa-St. Petersburg, FL (1,972 units), suburban Atlanta (1,180 units), Lafay- ette, LA (972 units), suburban Chicago (762 units), Dallas (744 units), and Boca Raton, FL (712 units). Morgan Properties and Olayan America have solidified their strong market presence in the Mid-Atlantic Region, while greatly expanding their concentration in the Southeast, Southwest and Midwest. With the North Star acqui- sition, Morgan Properties and Olayan America entered five new states including Florida, Texas, Georgia, Louisiana, and Michigan. As part of the North Star ac- quisition, Morgan Properties hired 400 new employees to join its growing organization, while creating two area vice president positions, 14 re- gional management positions and 70 corporate positions. The Company has decided to open a regional office in Boca Raton to better serve its expansion in the Southeast Region. MAREJ

Properties and our continued confidence in the multifam- ily sector,” said Erik Horvat , managing director and head of real estate at Olayan America. “The North Star acquisition is a major milestone for our organization and a testament to our conviction in the funda- mentals of class B multifam- ily,” said Jonathan Morgan , president of Morgan Properties JV. “This transaction estab- lishes us as the second largest multifamily owner in the coun- try and the nation’s largest pri- vate owner. Morgan Properties’ growth has been unprecedent- ed in the multifamily industry. We have acquired $9 billion of assets and over 70,000 units since 2012. While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the bar- riers to entry and we pounced on the opportunity to secure it. We are excited to grow our geographic footprint and enter Florida, Texas, Georgia, Loui- siana and Michigan.” North Star consists of 48 apartment communities and 14,414 units in 11 states includ- ing Florida, Texas, Georgia,

ING OF PRUSSIA, PA — Morgan Prop- erties has acquired, in

partnership with Olayan America , a portfol io of 48 apartment communities and 14,414 units in 11 s t a t e s f o r $1.75 billion.

Jonathan Morgan


The Morgan Properties and Olayan America joint venture purchased the North Star Portfolio (North Star) from STARReal Estate Ventures , a joint venture between El-Ad National Properties, LLC and Yellowstone Portfolio Trus t. The North Star acqui- sition is the largest multifam- ily transaction this year and Morgan Properties’ largest deal since acquiring the Morgan Communities portfolio of 95 apartment communities and 17,500 units in eight states for $1.9 billion in 2019. “The North Star investment is a strategic transaction for Olayan America, and provides access to some of the best mul- tifamily markets in the nation. It speaks to the strength of our partnership with Morgan

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