CONSHOHOCKEN, PA – Morgan Properties announced the landmark acquisition of Dream Residential Real Estate Investment Trust (REIT) for $354 million. This cross-border transaction resulted in a successful acquisition and privatization of a publicly-traded Canadian REIT, while adding 15 communities totaling 3,300 units across key MSAs in Texas, Ohio, Kentucky, and Oklahoma.
Under the leadership of Co-Presidents, Jonathan and Jason Morgan, Morgan Properties is one of few organizations equipped to take a public company private.
In pursuing the Dream transaction, Morgan Properties leveraged off of our strong balance sheet and our expertise in executing complex, structured transactions to accommodate the specific needs and timeframe of Dream Residential REIT’s Unitholders and Board of Trustees, said Jonathan and Jason Morgan, Co-Presidents of Morgan Properties. Morgan Properties has a proven track record in closing these complicated transactions given our unique ability to provide sellers with execution certainty. Our contrarian investment strategy targets large one-off and institutionally sized portfolios without institutional competition. While our regional competition is capital constrained and institutional investors are chasing flight to quality investment opportunities, we intend to capitalize on institutionally sized workforce housing investment opportunities with significant barriers to entry. In 2025, Morgan Properties has bought $1.5 billion comprised of over 14,000 units.
The Dream acquisition comes on the heels of a stellar acquisitions year in 2025, which saw the company surpass 110,000 units during its 40th anniversary.
We are excited to build off our momentum and continue to strategically grow our portfolio. As we do with every acquisition, we look forward to leveraging off our operational expertise and economies of scale to improve these communities and make long-term value for both our residents and investors.
The company will reinvest $58 million in interior, exterior enhancements and amenity upgrades over the fifteen communities, which range in vintage from 1968 to 2002. Morgan Properties has bought over 80 properties and hired 250 site-team members this year and the company is plotting to invest $200 million in capital improvements on its recent acquisitions.

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WASHINGTON, DC – Broad Creek Capital ( BCC ), a private-markets investment firm focused on U.S. real assets, announced the first close of BCC Multifamily Advantage Fund I ( BCC MAF I ), its dedicated U.S. value-add multifamily vehicle. The fund is anchored by a select group of U.S. municipal institutions and family offices across the United States and Europe.
The close of BCC MAF I represents a significant step in Broad Creek s continued growth as a transatlantic private-markets platform. Building on years of partnership with select family offices in the U.S. and Europe, the firm is now opening its proven investment strategy to a broader base of institutional and family office investors. The fund is targeting $150 million in total capital commitments, with a second close plotted for early 2026.
This first close is a strong endorsement of our platform and investment thesis, said Matthew Ruesch, Co-Founder and Managing Partner of Broad Creek Capital. We see one of the most compelling entry points for multifamily in over a decade, where disciplined capital and hands-on execution can generate durable, long-term returns.
In conjunction with the first close, BCC MAF I completed the off-market acquisition of Loft One35, a 298-unit multifamily community in Charlotte, North Carolina, for $94 million. The acquisition aligns with the fund s focus on high-growth markets and value creation through operational improvements, targeted renovations, and resident-experience upgrades.
Loft One35 demonstrates the type of opportunity we seek – well-located assets where disciplined underwriting and hands-on execution can drive durable value,” said Michael Green, Co-Founder and Managing Partner of Broad Creek Capital.
BCC MAF I will invest in essential-housing communities with a focus on the Southeast and broader Sun Belt, where demographic and economic trends continue to drive rental-housing demand. The fund applies a private-equity approach to real estate, focusing on operational excellence, targeted modernization, and disciplined capital structure management to generate attractive, risk-adjusted returns.

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LONG BEACH, CA – Linc Housing, a Long Beach-based nonprofit developer of affordable and supportive housing, joined Zephyr residents, officials from Los Angeles County and the City of Long Beach, as well as other development partners to celebrate the completed renovations of two California Project Homekey sites – Zephyr and Crescent.
“I reckon the public appreciates that we are using existing buildings to make housing quicker, smarter, more cost-effectively than ever before,” said Los Angeles County Supervisor Janice Hahn. “The State’s Project Homekey program has been a game changer for us. By partnering with Linc Housing and using state funding to convert these two buildings, we have 177 new apartments for the people who most need them in Long Beach. We need to address the homelessness crisis with the urgency it demands, and I appreciate the City of Long Beach and Mayor Rex Richardson for being my partner in this work and being willing to embrace solutions.”
According to the 2025 point-in-time count, 3,595 people in the City of Long Beach were experiencing homelessness, representing a 6.5% increase from the previous year. As the region continues to confront an urgent housing shortage and rising homelessness, these new communities mark critical progress in expanding access to permanent, service-enriched homes that help people rebuild their lives.
“Zephyr and Crescent have transformed former motels into welcoming, supportive homes for people on the path from homelessness to stability and independence,” said Long Beach Mayor Rex Richardson. “We are committed to expanding supportive housing options across Long Beach because everyone deserves a safe and dignified home with a real chance to build a more stable future.”
Zephyr, located at 1133 Atlantic Avenue, includes 135 studio apartments and two manager’s units, and Crescent, located at 5665 E. 7thStreet, has 39 studios and one manager’s unit. Both communities include a community room, outdoor spaces, and private offices for case management. In all, Linc has four Project Homekey communities with nearly 400 apartments, most with wraparound supportive services.
Lashawn, a new resident at Zephyr, has always been hardworking and independent, juggling multiple jobs to make ends meet. But after her apartment flooded, the water hurt and mold made it unlivable and left her seriously ill, with severe rashes, swelling and difficulty breathing. When her landlord failed to fix the problems, she was forced to leave and spent more than a year without stable housing, staying with friends or sleeping outside. After connecting with the Long Beach Multi-Service Center, she went into temporary housing until she was approved for a home at Zephyr. “When I saw the Welcome Home sign in my apartment, I couldn’t believe it was real,” she said. “Now it’s peaceful, my health has improved, and I finally feel safe again.”
Zephyr and Crescent join Atlas in Los Angeles, which opened earlier this year, and Azure in Anaheim, scheduled to open in early 2026 – all named after butterflies, which are symbols of transformation, rebirth and embracing change. Project Homekey is the State of California’s groundbreaking initiative to transform underused properties into long-term affordable and supportive housing. Before the renovations, Zephyr was a Holiday Inn and Crescent was a Motel 6 – and both were used during the COVID pandemic as temporary housing prior to the County selecting Linc to convert the units to permanent housing.
“At Linc Housing, our mission is to make communities where every person has the stability and opportunity to thrive,” said Suny Lay Chang, president and COO, Linc Housing. “Together, Zephyr and Crescent demonstrate how Long Beach and Los Angeles County are leveraging Project Homekey to tackle the region’s housing shortage head-on, making pathways to healing, belonging and hope.”
The majority of financing for the initial acquisitions came from Project Homekey funds from the California Department of Housing and Community Development, administered by Los Angeles County. Other sources of funding come from the American Rescue Plot Act, permanent loan commitments from Freddie Mac through Capital One, and construction loans from Genesis LA (Crescent) and Sterling Bank (Zephyr). The Long Beach Housing Authority provides project-based Section 8 rental vouchers for both properties.
With funding support from Los Angeles County Department of Health Services/Housing for Health, residents receive wraparound services and case management to ensure they thrive. Supportive services include mental and physical health services, employment counseling and job placement, education, substance use counseling, money management, help in obtaining and maintaining benefits, and referrals to community-based services and resources.
Renovations on Zephyr and Crescent started in March 2024 with designs by Sparano + Mooney Architecture, Inc. and construction by Imperial Contracting. Zephyr is nearly fully occupied, and Crescent will start to welcome residents this month. All homes are for households at or below 30% of area median income.

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