KING OF PRUSSIA, PA – Morgan Properties, a real estate investment and management company, announced that it has bought a $277.5 million, four-property portfolio consisting of 2,729 units located in the suburban Maryland-D.C. Corridor from Rockpoint Group. The acquisition, called the NOAH Portfolio, includes Carriage Hill, Charlesmont, Gwynn Oaks, and Princeton Estates. Morgan Properties also recently bought Parkview at Collingswood, a 1,030-unit, mid-rise apartment community in Collingswood, New Jersey.

These acquisitions come on the heels of three other recent transactions closed by Morgan Properties. This brings the Company’s total multifamily investments during this year to $1.2 billion and over 8,600 units. Morgan Properties’ recent transactions include the following:

Rolling Road Portfolio, a 1,979-unit apartment portfolio in the Baltimore Metro Region

Montgomery Manor, a 264-unit apartment community in Montgomery County, PA

Mark Center Portfolio, a six-property, 2,664-unit apartment portfolio in Alexandria, VA

Parkview at Collingswood, a 1,030-unit apartment community in Collingswood, NJ

NOAH Portfolio, a 2,729-unit apartment portfolio located in the suburban MD-D.C. Corridor

Morgan Properties has achieved its ambitious acquisitions goal of purchasing over $1 billion in real estate assets in 2017. This year marks the Company’s second largest year of total acquisition volume since 2007. Morgan Properties has bought 18 apartment communities and over 8,600 units this year and has closed on all the deals it has been awarded. To support these assets, the Company has hired 180 new employees.

Since its inception in 2011, Morgan Properties JV has been one of the most active investors in the Mid-Atlantic and Northeast Region, and has bought more than $3 billion of multifamily investments and 23,000 units. The Company has a proven track record of making value for its investors through value-add repositioning, rehabilitation, and professional management expertise. Given its impressive growth in scaling the platform, Morgan Properties JV has more than doubled Morgan Properties’ existing portfolio.

“Morgan Properties’ growth has been tremendous this year. We have closed five transactions in four states with three capital partners. Our Company is uniquely positioned to scale our platform and leverage off our strong capital relationships. Our operations and facilities teams excel at implementing our value-add repositioning strategies and generating operational efficiencies. We have emerged as a major player in the multifamily industry. Morgan Properties prides itself on not only getting larger, but also getting better as we continue to grow our business,” says Jonathan Morgan, President of Morgan Properties JV.

Over the last five years, Morgan Properties’ portfolio holdings in the Maryland-D.C. Corridor have grown from 4,300 units to 24,000, making it the largest multifamily owner/operator in the state of Maryland. Following the acquisition of Parkview at Collingswood, one of the largest apartment communities in southern New Jersey, Morgan Properties also became the largest multifamily owner/operator in the state of New Jersey. The Company recently expanded its talent pool significantly and surpassed 1,100 employees, in large part due to the Company’s massive growth in these regions over the last several years.

“We want to remain quick and nimble as we continue to grow our investment portfolio. While we run our business with the infrastructure, systems, and sophistication of a REIT, we also pride ourselves on our entrepreneurial spirit. Whenever we buy an apartment community we always need to know the assets better than the sellers to add value. We look forward to having another huge year in 2018,” says Jason Morgan, Senior Vice President of Acquisitions and Capital Markets.

As a best-in-breed class B multifamily owner/operator, Morgan Properties owns and manages over 45,000 units in ten states throughout the country. The Company targets class B, multifamily assets in infill, high-barrier-markets where its operational expertise can quickly add value for its investors and residents.

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OAKLAND PARK, FL – Building Better Communities, Inc. and Pinnacle Housing Group, LLC hosted a ribbon cutting celebration to mark the grand opening of Oakland Preserve, the new multi-family, 80-unit affordable housing community located at 3600 Oakland Preserve Way (N.E. 2nd Avenue) in Oakland Park, Florida.

“With affordable housing at a premium in South Florida, we are proud to offer rental rates at Oakland Preserve that are substantially lower than market rate,” said Michael Long, president of the board of directors of Building Better Communities. “Oakland Preserve exemplifies our commitment to delivering vibrant communities that give residents peace of mind. This county needs more affordable and attainable workforce housing, and Building Better Communities is prepared to meet that need.”

Oakland Preserve is green-certified and each building is smoke-free. Each apartment features a fully-equipped kitchen, energy-saving appliances, durable finishes and hurricane-impact windows and doors. Residents can also select energy efficient washers and dryers at a reasonable extra cost. Energy efficiency in the design, materials and appliances provide a high quality, affordable housing option for the local workforce.

“This is the third successful collaboration between Pinnacle Housing Group and Building Better Communities,” said Timothy Wheat, regional vice president of Pinnacle Housing Group. “In all three developments, we worked together to provide housing indistinguishable from market-rate housing. The result has been tremendous market acceptance.”

Oakland Preserve amenities include a fitness center, playground, indoor children’s play area, cyber lounge, on-site maintenance, 24-hour property management and other resident-friendly features, such as spacious shared common areas offering shaded patio seating, a grill and ample recreational space that overlook a community lake with a decorative spray fountain.

“The business community within Broward County appreciates our work in the field of workforce housing. It is vital that we continue to collaborate with community partners, like Pinnacle, to meet the need for high quality workforce housing and a neighborhood feel that communities desire,” said Ann Deibert, assistant secretary of Building Better Communities. “Through public and private-sector partnerships, we are making and implementing innovative solutions that stabilize families, preserve neighborhoods and are essential to the County’s economic vitality.”

This is the second Building Better Communities affordable housing community to open in Broward County this year. Manors at Middle River in Fort Lauderdale opened in May.

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