US real estate investment firm Morgan Properties has acquired two multifamily portfolios located in Illinois and Indiana for $410m (€399m).
Morgan Properties said it has acquired the portfolios comprising eight apartment communities and 2,986 units.
The Illinois portfolio consists of The Lakes of Schaumburg, Blackhawk Apartments and The Gates of Deer Grove. The Indianapolis portfolio consists of The Boardwalk at Westlake, Parkside at Castleton Square, Lakeside Crossing at Eagle Creek, The Elliott at College Park and The Preserve on Allisonville.
Morgan Properties said it plans to invest over $40m in capital improvements across the two portfolios.
Following the latest deal, Morgan Properties said it now owns and operates 2,035 units in Illinois, 3,692 units in Indiana, and more than 95,000 units nationwide.
Jonathan Morgan, joint venture president at Morgan Properties, said: “On the heels of our recent acquisition in Fayetteville, North Carolina, these portfolios presented yet another opportunity for Morgan Properties to continue to strategically diversify our geographic footprint beyond the Mid-Atlantic region.
“We remain bullish on the fundamentals of the multifamily industry and are extremely well positioned to capitalize on portfolio acquisition opportunities. We are excited to achieve another milestone in growing our portfolio to 95,000 units and we will continue to target opportunistic deals in our acquisition efforts.”
Jason Morgan, president of Morgan Properties special situations and principal, said: “We are excited to enter the Indianapolis market and further expand our existing Chicago portfolio.
“Growing our presence in the Midwest provides us with the necessary scale to quickly deploy our value-add strategies, enhancing the overall experience for the thousands of residents who call these communities home.
“Additionally, acquiring these portfolios in an increasingly choppy capital markets environment is a testament to our reputation in providing execution certainty.”
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