Morgan Properties JV buys US multifamily portfolio in record $1.75B deal

Morgan Properties LLC and its joint venture partner Olayan America Corp. purchased a portfolio of 48 apartment communities across 11 U.S. states for $1.75 billion, marking the largest multifamily deal so far in 2021.

The North Star portfolio has a total of 14,414 units, or an average of 300 units per property. The communities are spread across Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland.

The joint venture partners aim to spend a further $100 million on enhancements and amenity upgrades to the assets in the portfolio.

The transaction positions Morgan as the largest U.S. private multifamily owner and the second-largest multifamily owner in the country. As part of the acquisition, the company hired 400 employees and established two area vice president, 14 regional management and 70 corporate roles. It is also opening a regional office in Boca Raton, Fla., to support its expansion in the Southeast.

The seller is Star Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust.

Olayan America is part of Saudi Arabia-based industrial conglomerate The Olayan Group.