KING OF PRUSSIA, PA – Morgan Properties, one of the country’s largest real estate investment and management companies, announced today it has bought Madison Montgomery, a 264-unit apartment and townhome community in Hatfield, Pennsylvania, from Equus Capital Partners, Ltd. for $38.5 million. The 18-acre property is located at 2701 Elroy Road in Montgomery County.

Rebranded by Morgan Properties to Montgomery Manor Apartments & Townhomes, the community is strategically positioned three miles from the Lansdale Northeast Extension Interchange and in close proximity to SEPTA’S Lansdale Station, providing simple access to major employment, dining, and shopping destinations in the surrounding area. Residents can choose from one-, two-, and three-bedroom apartments or townhomes and delight in a 4,000-square-foot, centrally-located clubhouse that offers a fitness center, resident lounge, and business center as well as a resort-style pool with a sundeck and grilling areas. Every unit features energy-efficient appliances, a private entrance, large closets, individual climate control, and a full-size washer and dryer. The property underwent a complete $17.5 million transformation in 2008 by the previous ownership.

“Montgomery Manor is an exciting addition to our portfolio. The previous owner invested a fantastic deal in exterior redevelopment, allowing us to buy a gorgeous community with the appearance you would expect of Class-A apartments and townhomes,” said Christine Beechan, area vice president of Morgan Properties. “We have plans to enhance the current amenity offerings as well as capitalize on the opportunity to add a few more of our signature amenities. Our focus is always the experience of our residents existing and new, and we will continue to operate with brilliant customer service as we do at all of our communities.”

Morgan Properties has continued to rapidly expand its geographic footprint, solidifying itself as one of the nation’s largest and fastest-growing multifamily owners and operators. In the last year alone, Morgan Properties JV has secured over $800 million of multifamily investments in 21 apartment communities containing over 6,300 units. The company intends to continue growth as a major national player through acquiring Class B, multifamily assets in infill, high-barrier markets where Morgan Properties’ operational expertise can quickly add value for its investors and residents. Since its launch in 2011, Morgan Properties JV has been one of the most active investors in the Mid-Atlantic and Northeast regions and the company has hired 350+ employees to support the new acquisitions.

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OAK BROOK, IL – Inland Real Estate Acquisitions announced that it negotiated and helped close the buy of Conifer Creek Apartments, a 480-unit multifamily property located in Aurora, Colorado, an eastern suburb of Denver. Matt Tice, senior vice president of Inland Real Estate Acquisitions, Inc., facilitated the transaction, with help from Brett Smith, assistant vice president associate counsel of The Inland Real Estate Group, Inc., on behalf of an Inland affiliate.

Located on two parcels at 2205 South Racine Way and 12775 East Pacific Drive, the property is situated on nearly 20 acres and was recently partially renovated in 2011 and 2017. Conifer Creek Apartments consists of 53 three-tale buildings featuring 140 one-bedroom and 340 two-bedroom units with 518 attached garage spaces. Each unit includes a wood-burning fireplace, energy-efficient appliances, nine-foot vaulted ceilings, a full-size washer and dryer and an oversized balcony or patio. The property also features community amenities including a newly constructed clubhouse with WiFi, two outdoor resort-style swimming pools, two spas, a fitness center, a bicycle/jogging path, barbecue grills, a business center and pet-friendly amenities.

“Conifer Creek Apartment’s prime location in this highly desirable suburb provides residents with convenient access to transportation as well as a choice of several highly rated schools,” said Tice. “With nearly 440,000 residents within a five-mile radius, the property is easily accessed from a major interstate and provides the opportunity for additional value-add renovations, making it a prime example of the type of multifamily acquisitions we continue to seek out.”

As of July 11, 2017, the property was 96 percent occupied and 99 percent pre-leased.

To date, Inland Real Estate Acquisitions has facilitated more than $44 billion of buys including apartments, single-tenant properties, medical office buildings and retail properties.

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LONGMONT, CO – VerraWest, a brand-new 276-unit apartment residence community, is bringing high-end living to southwest Longmont. It recently has kicked-off leasing, offering a wonderful mix of city life and the fantastic outdoors to its future residents, and unique features such as a dog wash, bike repair shop, swimming pool with fire pit, and fitness center.

VerraWest offers new, 662 to 1,320 square-foot apartments with one-, two- or three-bedroom floor plans. Lifestyle amenities include pool, spa, sun deck, well-equipped fitness center, and clubhouse with TV lounge.

VerraWest welcomes pets and features a dog park and pet washing station. Optional covered parking and garages are available, as well as on-site storage space. Residents rest assured knowing there is 24-hour, on-call maintenance.

There is plenty of breathing room on the 14-acre property, with an abundance of open, grassy spaces, a community garden, and gorgeous Rocky Mountain views. Residents delight in simple access to trail systems that connect the VerraWest community with neighborhood open space, parks, and trails.

Living at VerraWest puts residents within reach of some of Colorado’s top employers and the top-rated schools in the St. Vrain Valley School District. With simple access to Highway 119, VerraWest residents can get to Boulder, or I-25 for points north or south, in 15 minutes.

VerraWest was developed by Longmont-based Actis, LLC. “With VerraWest, we’ve taken design features, services and modern amenities that you’d typically find in urban areas, and integrated them into this gorgeous setting in a way that supports the southwest Longmont lifestyle,” notes Actis CEO, Richard Groves.

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