P ennsylvania Boosts portfolio to more than 75,000 units. Morgan Properties acquires 18,000-unit portfolio M id A tlantic
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Real Estate Journal — Pennsylvania — Section C
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K ING OF PRUSSIA, PA — Morgan Prop- erties, one of the na-
ter, Buffalo, Syracuse, and Albany, and Pennsylvania submarkets that include Pittsburgh and Harrisburg. The portfolio also consists of outlier assets in Memphis, Tennessee; Chicago, Illinois; Huntsville, Alabama; and Cleveland, Ohio, which repre- sent new markets for Morgan Properties. This transaction solidifies Morgan Properties’ portfolio concentration in the Mid-At- lantic and Northeast Region and position as the largest multifamily owner/operator in the states of Pennsylvania, Maryland and New York. “We are extremely proud of our organization for achieving this significant milestone of reaching 75,000 units. Mor- gan Properties continues to get better with each acquisi- tion and with growth comes opportunity,” said Jonathan Morgan , president of Morgan Properties.
tion’s largest and fastest growing mul- tifamily in- vestors, an- nounced i t c omp l e t e d a port f o l i o transaction t o a c qu i r e
Jason Morgan
get opportunistic multifamily investments and are extreme- ly well positioned to stabilize this portfolio for the greater benefit of the residents, em- ployees, and investors. We as- sumed property management across the portfolio in July, transitioned more than 750 employees to our team, and are extremely excited to bring this transaction to fruition.” The geographic concentra- tion of this portfolio is pri- marily in upstate New York markets, including Roches-
HI-LIGHTS NOVEMBER 8 - 21, 2019 KEYSTONE PROPERTY GROUP ANNOUNCE SALE OF 4 & 5 SENTRY PARK IN BLUE BELL, PA nearly 80 apartment commu- nities encompassing 15,000 units across eight states. This transaction takes Mor-
gan Properties’ total portfolio to more than 75,000 units in 15 states throughout the country, making it one of the five largest multifam- ily owners in the U.S. Since 2012, the King of Prussia, Pennsylvania-based owner and operator has acquired more than $7 billion in total acquisition volume comprised of 50,000 units. Following this transaction, Morgan Proper- ties has agreed to acquire an additional 3,000 units from the same owner, further ex- WILKES-BARRE, PA — NAI Mertz , a leading full- service commercial real es- tate firm conducting business throughout the United States, and globally, from its regional offices in New Jersey, greater Philadelphia and northeastern Pennsylvania, announced it recently recorded the sale of a 225,000 s/f industrial prop- erty located at 827 Sans Souci Parkway in Wilkes-Barre. The NAI Mertz team of vice presidents David Weaver, SIOR , and Stephen Cole, SIOR , represented the seller, Medley Investments, a long- time client of the firm. They procured the deal, negotiating throughout to the closing of this transaction. The buyer, PSI, a pipe distribution com- pany, was represented at closing by Elijah Miller of HinerfeldCommercial Real Estate . “The Wilkes-Barre industri- al real estate market is thriv- ing for both property owners and investors alike, and we are pleased to have assisted our
panding its portfolio. Morgan Properties acquired this portfolio from Morgan Communities, a company based in Rochester, New York which has no relation to the Pennsylvania-based company. “Morgan Properties prides itself as a turnaround special- ist in the multifamily indus- try and this portfolio fits our investment criteria given its size, scale, and unique repo- sitioning opportunity,” said Jason Morgan , principal at Morgan Properties. “We tar-
Weaver-Cole teamof NAI Mertz of PA inks 225,000 s/f industrial sale within Wilkes-Barre Market
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NAI CIR COMPLETE +/- 55,000 S/F WHSE. SALE IN DAUPHIN COUNTY
827 Sans Souci Parkway
client in this property disposi- tion,” said Weaver. PSI, a pipe distribution company, is expanding into this facility from its previous location in Mountain Top, Pennsylvania. The company has pledged to invest over $9 Million to renovate this facil- ity, including the addition of a pipe mill which will allow it to develop its manufacturing
operations. The capital im- provement project is expected to create 50 new, full-time jobs and retain 37 existing jobs for Pennsylvanians over the next three years. “The new building owner is a well-respected company and is dedicated to bringing quality product and new jobs to the market,” said Cole. “We are excited to see them continue
their growth in Northeastern PA, especially in the manufac- turing sector,” he added. With convenient access to I-81 and Routes 11 and 309, 827 Sans Souci Parkway is a crane and rail served heavy industrial building. The avail- ability of rail service will be beneficial to the growth of PSI as it further develops its manufacturing operations.
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ALSO INSIDE People on the Move............14C The Pipeline. ........................16C
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