KING OF PRUSSIA, PA. — Morgan Properties, a development and investment firm based in the Philadelphia suburb of King of Prussia, has acquired a portfolio comprising 3,434 units across 11 properties in Pennsylvania. Morgan purchased the communities from their original developer, DePaul Management Co. The sale price was not disclosed. Matt Stefanski and Zachary Pierce of Berkadia brokered the transaction.
The portfolio consists of:
- Blair Mill Village East in Horsham (768 units)
- Blair Mill Village in Horsham (368 units)
- Congress Apartments in Allentown (548 units)
- South Mountain in Allentown (237 units)
- Antietam Arms in Reading (148 units)
- Mount Penn Manor in Reading (125 units)
- Hanover Manor in Carlisle (93 units)
- Carlwynne Manor in Carlisle (80 units)
- Presidential Arms in Allison Park (460 units)
- Wissahickon Park in Lansdale (343 units)
- Quakertown West in Quakertown (264 units)
The buyer plans to invest more than $80 million in capital improvements to the portfolio. Units throughout the portfolio will be renovated with updates to the kitchens and bathrooms, as well as the installation of in-unit washers and dryers.
Additionally, Morgan Properties will update the lighting, landscaping, roofing and parking areas at all properties and install high-efficiency heating systems.
Morgan Properties will undertake amenity and common area enhancements throughout the portfolio. These initiatives will include fitness center upgrades and expansions; construction of exterior dog parks and pet wash stations; and additions of new amenities like Amazon package hubs, playgrounds, pickleball courts and outdoor grilling and dining stations.