O wners , D evelopers & M anagers F eaturing I ndustry L eaders
M id A tlantic Real Estate Journal — December 24, 2021 - January 20, 2022 — Section C
www.marej.com
Properties located in Georgia, Florida, North Carolina, and South Carolina Morgan Properties acquires two portfolios totaling 4,724 units for $780.5 Million
K
continue to prioritize opportu- nities to expand our presence in key markets like the Sun- belt, retain and create jobs, and enhance the overall living experience for the thousands of residents who call Morgan Properties home.” The MSP Portfolio spans Georgia, Florida, North Caro- lina, and South Carolina. Its 15 apartment communities totaling 4,102 units offer a mix of Class B workforce and Class A upscale units with a concentration of units in the Columbia, SC; Fayetteville, NC; Jacksonville, FL; Augusta, GA; Greenville, SC; and Char- lotte, NC markets. The Northland Portfolio is fo- cused in West Palm Beach, FL and consists of three garden- style apartment communities
totaling 622 units. Royal St. George (224 units), Village Place (202 units), and Wind- ward at the Villages (196 units) are within walking distance of each other and provide con- venient access to many of the areas primary shopping, golf, and dining options. “The Sunbelt region is boom- ing right now, and these two portfolios presented a tre- mendous opportunity for us to increase our footprint in states that are undergoing high population and employ- ment growth,” says Jason Morgan, Principal of Morgan Properties. “As a company, we continue to play offense and proactively seek large port- folios that allow operational efficiencies and economies of scale. These new portfolios
based in some of the most in- demand multifamily markets in the country enable us to fur- ther expand our best-in-class, Class B workforce housing platform while also diversify- ing our expertise with the in- clusion of several newer Class A communities.” Morgan Properties plans to execute a $47.5 million value- add repositioning strategy throughout both portfolios that includes washer and dryer in- stallations; kitchen upgrades such as new backsplashes, granite countertops, and stain- less-steel appliances; Amazon Hub package rooms; bike- share programs; new fitness equipment; upgraded outdoor amenity spaces with grills, new furniture, and fireplaces; and more. MAREJ we are extremely excited to be a witness to the metroburb’s ongoing success as companies adapt to a new era of work.” Campus’s interior design ele- ments reflect a human-centric approach, applied to every en- vironment at Bell Works, and will feature unique, sustain- able and biophilic elements, including: renewable selec- tions, repurposed materials, LED and natural lighting and indoor plants. G3 Architects and Bell Works’ creative direc- tor, Paola Zamudio and her team at NPZ Style & Décor , collaborated on the design for the new workspaces. “Bell Works has long been known as a place where design and innovation take center stage, and Campus is a natural extension of those concepts that meets the fast-changing needs of today’s office tenant,” said Jeff Garibaldi, Sr. , CEO of The Garibaldi Group , Bell Works’ office leasing team. “Today’s groundbreaking brings us one step closer to a brand new offer- ing that will continue to solidify this building’s place as the most forward-thinking and attractive office environment in New Jer - sey and the Northeast.” MAREJ
combined $780.5 million. With the addition of these new com- munities, Morgan Properties now owns and operates 10,540 units throughout the Sunbelt region, and 95,000 units na- tionwide. “These two portfolio acquisi- tions come just months after our monumental $1.75BNorth Star transaction, making 2021 another significant year in Morgan Properties’ three- decade growth story,” said Jonathan Morgan , presi- dent of Morgan Properties JV. “Since 2012 alone, we have acquired more than $9 billion of assets and over 75,000 units, strengthening our reputation as one of the fastest-growing multifamily owners/operators. As we inch closer to becoming the largest in the nation, we’ll HOLMDEL, NJ — Somer- set Development celebrated the groundbreaking for “Cam- pus” at Bell Works New Jersey, its new flexible workspace solu - tion. Somerset Development’s president Ralph Zucker , and Holmdel Mayor Greg Buon- tempo , attended the celebra- tion and offered remarks to commemorate the milestone. “As more companies and their workers continue their return to the office, many are seeking a high degree of flex - ibility, both in their physical environment and the terms of their lease,” said Somerset Development. “Campus pres- ents a unique solution for all of their needs - offering a stylish and appealing space that em- ployees will be eager to visit, as well as the ability to adjust the footprint and design of their office as their business contin - ues to evolve. We’re extremely excited to break ground on the space and begin welcoming new companies to the metroburb in the coming weeks and months.” Slated to occupy 72,000 s/f at the renowned Bell Works ‘metroburb,’ Campus will ca- ter to the growing number of medium-sized businesses and
ING OF PRUSSIA, PA — Morgan Prop- erties has acquired
two portfoli- os totaling 18 apa r tmen t communities and 4 , 7 2 4 units in four states: Geor- gia, Florida, North Caro- l i n a , a n d
Jonathan Morgan
HI-LIGHTS Dec. 24, 2021 - Jan. 20, 2022 South Carolina. Morgan Prop- erties acquired the Middle Street Partners (MSP) and Northland portfolios for a
Somerset Development celebrates ground- breaking for ‘Campus’ at Bell Works NewJersey
Savills facilitates 7,100 s/f lease on behalf of Hudson Equities
JLL’s DC team appoints multi-housing co-lead 15C
Shown from left: Jeff Garibaldi, CEO, The Garibaldi Group; David Schreiber, EVP, Somerset Development; Holmdel Mayor Gregory Bu - ontempo; Ralph Zucker, President, Somerset Development; Paola Za - mudio, Bell Works Creative Director and Lead Designer; Bill Schroeder, Controller, Somerset Development; Sean Donohue, Colab Managing Director, Somerset Development; Gene Dassing, Project Manager, G3 Architects.
Bret Thompson
16C
enterprises in search of flexibly termed leasing solutions as teams continue to return to the office. Workspaces at Campus will be fully furnished and fully wired, and offer businesses the ability to lease both small and large footprints, depending on their unique needs and plans for growth.
“Since we first welcomed Bell Works to Holmdel in 2013, they have consistently proven their ability to evolve and continue to attract successful companies and their employees to our com- munity,” said Holmdel Mayor Gregory Buontempo. “Today’s groundbreaking is a testament to that continued ability, and
ALSO INSIDE
HF Planners .................. 2C ECS. ............................... 8C Gacek Design Group...... 9C People on the Move.... 16C
www.marej.com
Made with FlippingBook Digital Publishing Software