Morgan Properties buys 2 US apartment portfolios in $780.5M deal

Morgan Properties LLC purchased a pair of portfolios aggregating 18 apartment communities in Georgia, Florida, North Carolina and South Carolina for a total of $780.5 million.

The Middle Street Partners portfolio comprises 15 apartment communities with 4,102 units, which are concentrated in the markets of Columbia and Greenville, S.C.; Fayetteville and Charlotte, N.C.; Jacksonville, Fla.; and Augusta, Ga.

The Northland portfolio consists of the Royal St. George, Village Place and Windward at the Village apartment communities, which are all in West Palm Beach, Fla., and contain a total of 622 units.

Morgan Properties intends to spend $47.5 million on amenity upgrades and other value-add repositioning initiatives across both portfolios and to add more than 90 new employees from the portfolio of purchased assets.