November 2023

M id A tlantic Real Estate Journal — Owners, Developers & Managers — November 2023 — 3C

O wners , D evelopers & M anagers

King of Prussia, PA-based owner acquires Astoria Park Apartments Morgan Properties expands its Midwest footprint with 470-unit apartment acquisition in Indianapolis

K ING OF PRUS- SIA, PA — Morgan Properties , one of

tion, and more. In-unit features include upgraded kitchens and appliances, large closets,

and private patios or bal- conies. To fur- ther elevate the living experience for residents, Morgan Prop - erties plans to invest nearly $4 million

the nation’s top three multifam- ily owners, announced today it has acquired As- toria Park Apartments, a 470-unit apartment

Jonathan Morgan

into renovations, including up- grading unit interiors, expand- ing amenities, and integrating smart home technology. MAREJ Jason Morgan

community located in India- napolis, IN. With the addition of this community, Morgan Properties expands its In - dianapolis portfolio to over 2,500 units. “This strategic addition is a testament to Morgan Proper - ties’ ongoing commitment to en- hancing our portfolio through thoughtful acquisition,” said Jonathan Morgan , president of Morgan Properties JV. “By investing in newer properties in growing markets, we are not only bolstering our presence but also delivering unparal- leled value to our residents. This aligns with our vision to set new standards of excellence through customer service, inno- vation, operational efficiencies, and capital improvements.” The community is located within the fast-growing and high-income Hendricks County and is proximate to significant high-wage employers and uni- versities. Situated on the west side of Indianapolis near the scenic Eagle Creek Park and Reservoir, Astoria Park Apart - ments is adjacent to various outdoor activity spaces for sports, cross-country skiing, hiking trails, and more. “The Midwest continues to be one of the most stable and attractive markets for multifamily investment, with steady population growth, affordable cost of living, and business-friendly policies,” said Jason Morgan , presi- dent of Morgan Properties Special Situations and princi- pal. “Astoria Park Apartments is a strong addition to our rapidly growing Indianapolis portfolio as we remain confi - dent in the long-term outlook across the Midwest region." Situated beside beautiful lakes and lush landscaping, As- toria Park Apartments features community amenities such as an outdoor pool and poolside patio, fitness center, tennis courts, a fenced-in playground, dog park and pet washing sta-

Astoria Park Apartments

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