M id A tlantic Real Estate Journal — Owners, Developers & Managers — June 17 - July 21, 2022 — 9C
www.marej.com
O wners , D evelopers & M anagers
Apartment owner adds a new, single-family rental community to its portfolio Morgan Properties enters build-to-rent space with 136-unit acquisition in Texas
K ING OF PRUS- SIA, PA — Mor- gan Properties has acquired parcHaus at Skyline, a brand-new, 136- unit single-family rental community in McKinney, TX. It purchased the luxury Build-to-Rent community from Dallas-based Provi- dent Realty Advisors. Re - branded Elevate at Skyline, this transaction represents Morgan Properties’ first Build-to-Rent acquisition and its third rental commu - nity in Texas. “For nearly four decades, Morgan Properties has been predominantly focused on acquiring larger class B multifamily portfolios where we can bring our value-add expertise and create opera - tional efficiencies,” said Jon- athan Morgan , president of Morgan Properties JV. “While these opportunistic multifamily investments re - main our core focus, we also see immense opportunity in partnering with developers in the build-to-rent market and capitalizing on the grow - ing popularity among rent - ers for single-family homes that allow for more space and privacy.” Located right outside the Dallas-Fort Worth area, El - evate at Skyline is situated in an ideal location with direct access to Highway 380 and I-75. Residents are in close proximity to popular shopping and business centers including The Raytheon Campus and Allen Premium Outlets, local and international airports, and state-of-the-art health - care facilities. Elevate at Skyline offers one-, two-, and three-bed - room homes and is the per- fect community for renters looking for more space and privacy than a multifamily community without the has - sle of homeownership. These newly-constructed homes feature private backyards, smart thermostats and locks, energy-star appliances, in- unit washer and dryers, and modern design finishes. Elevate at Skyline’s gated community is highly ameni - tized and offers covered and garage parking, a pickleball court, pool, dog park, busi - ness center, and more. “Single-family rental homes are in high demand in the Dallas-Fort Worth area,
specifically in towns that boast a desirable quality of living, upper-echelon school districts, and a robust em - ployer base like McKinney, Texas,” said Jason Morgan , president of Morgan Prop - erties special situations & principal. “This made acquir - ing Elevate at Skyline an easy decision for us, and one that will jumpstart our fu - ture interest in diversifying our portfolio through single- family rental communities, all while continuing to grow our presence in the thriving Sun Belt region.” MAREJ
parcHaus at Skyline
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