FAYETTEVILLE, NC – Morgan Properties, one of the nation s top three multifamily owners, announced it has bought two Class A apartment communities totaling 642 units in Fayetteville, North Carolina. Morgan Properties bought Westlake at Morganton and The Preserve at Grande Oaks from Walker & Dunlop on behalf of Morganton Development. With the addition of these two communities, Morgan Properties now owns and operates five apartment communities encompassing 1,530 units in Fayetteville, with additional communities in Raleigh, Charlotte, and Salisbury. This acquisition brings the company s current total portfolio to over 93,000 units nationwide.
Since our entry into North Carolina in 2016, we ve seen tremendous success in the Sunbelt region and continue to be opportunistic about acquisitions that increase Morgan Properties presence in these states, said Jonathan Morgan, President of Morgan Properties JV. While Class B has always been our niche, acquiring Class A communities in markets with high population growth and undersupply of multifamily housing, presents an exciting opportunity for Morgan Properties to bring our industry knowledge and top-notch customer service to new residents.
Located one hour south of Downtown Raleigh, the historic town of Fayetteville is home to Fort Bragg, the largest military base in the United States with over 75,000 active soldiers, reserves, contractors, and civilian employees. With direct access to I-95 and close proximity to North Carolina s three-largest cities, Fayetteville s geographic location has attracted major companies like Cape Dread Valley Health Systems, Goodyear Tire Manufacturing Plant, and Mann + Hummel, all of which have become contributors to Fayetteville s economic development.
As the sixth largest city in North Carolina and home to the largest military base in the United States, Fayetteville has remained an attractive market for Morgan Properties since we bought our first three communities there last year, said Jason Morgan, President of Morgan Properties Special Situations & Principal. “We look forward to growing our presence in this attractive market and continuing to build our experience in Class A multifamily across the country.
With an average vintage date of 2007, Westlake at Morganton and The Preserve at Grande Oaks are pet-friendly communities and feature Class-A amenities including a resort-style pool and fitness center with an on-site trainer, business center, entertainment lounge, a movie theater room, and more. The properties offer one-, two-, and three-bedroom, modern-style apartments with premium kitchens and baths, in-unit laundry, new appliances, spacious walk-in closets, and patios. Westlake at Morganton also offers its residents direct access to parking garages. Residents at both communities are in close proximity to well loved destinations including Cross Creek Mall, Freedom Tower Center, and Fayetteville VA Medical Center.
Morgan Properties also plans to do a $7 million value-add enhancement strategy to improve these apartment communities for its residents that will include interior upgrades and smart home technology. Plotted community amenities include a new clubhouse, dog parks, patios for grilling, bike share program and more.

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ALEXANDRIA, VA – A joint venture between USAA Real Estate and Lowe, a national real estate investor, developer and manager, announced the completion of Park + Ford, the adaptive-reuse of the former three-building Park Center office complex into a 435-unit contemporary apartment community with 115,000 square feet of office. Located at 4401 Ford Avenue in Alexandria, Virginia on the I-395 Corridor, the community is proximate to Washington, D.C. and other area business centers as well as a wealth of shopping, dining and entertainment destinations.
The 568,000-square-foot Park Center office complex consisting of two 14-tale office towers and a four-tale office building constructed atop a 1,400-space parking garage was bought by the joint venture in January 2018. Drawing on its experience with a prior office-to-residential conversion at The George in Wheaton, Maryland, Lowe developed a program to capitalize on the traditional office attributes of the towers, such as 10-foot ceilings and large floorplates, to transform the two 14-tale office buildings into spacious apartment homes with a large array of desirable community amenities.
Park + Ford offers apartment residences larger than those which are typically developed as new construction. At the time we bought the property, prior to the pandemic, we identified growing interest among young professionals, many beginning to couple-up and start families, for an apartment community with more room for working and family along with style and convenience, said Mark Rivers, executive vice president, Lowe. We chose to proceed with construction during the height of the pandemic in 2020 and found we could contract at favorable costs. We also avoided delays from supply chain disruptions, which started later in the pandemic. As we started welcoming residents, we found that the pandemic only fueled demand for precisely the environment and residences that we have made at Park + Ford. In fact, the first leases signed were for the one bedroom plus den and two-bedroom units, when historically smaller units lease first.
Park + Ford offers apartments configured as studio, one-bedroom, one-bedroom plus den, two-bedroom, and two-bedroom plus den floorplans, many with private terraces or balconies. All residences feature wood plank floors, quartz countertops, energy efficient appliances including in-unit washers and dryers, and floor-to-ceiling windows making a bright and airy living environment.
Communal spaces at Park + Ford evoke the atmosphere of a boutique hotel with a high-end contemporary and comfortable design in warm tones complemented by splashes of eye-catching, colorful décor. Gathering spots are abundant and engaging; the Lobby; Co-Working area; Social Lounge with interactive multi-sport game simulator; Club Room with kitchen, dining area, televisions and fireplace; and the sunny, plant-filled Conservatory are all fitted with a variety of seating options for casual gatherings, remote work or community-organized events. Residents also have access to a private dining room and catering kitchen for meetings or social gatherings, while children have their own space at Park + Ford with a Kids Room stocked with toys and games.
Park + Ford offers inviting outdoor spaces including The Yard, a large landscaped area with a bocce court and nearby sundeck with chaise lounges, misters and a waterfall fountain. The plaza offers outdoor dining, grilling stations, fire pits and private cabanas, while the expansive 5,000-square-foot, resident-only fenced dog play area provides shade, seating and pet water stations.
Convenience and service are hallmarks of Park + Ford with a host of app-driven, on-demand services such as housekeeping, laundry and dry cleaning, package notification and storage including refrigerated cases for perishable deliveries, and away-from-home care. A concierge, lobby coffee bar and self-service grab-n-go market round out the community s hospitality-focused experience.
A highlight at the property for residents and the community is the 55,000-square-foot XSport fitness club in the adjacent four-tale building. The well loved fitness club, which is open to its members 24 hours a day, seven days a week, offers an array of classes, state-of-the-art equipment, an Olympic-size indoor swimming pool, spa and basketball court. A Spanish-immersion daycare, Tierra Encantada, is scheduled to open in the complex in Summer 2022.

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SAN ANTONIO, TX – Los Angeles-based Orion Real Estate Partners announced that it has bought Remington Ranch, a garden-style apartment community in San Antonio, Texas. Orion bought the 180-unit apartment community in June 2022 and plans to invest approximately $2.6 million in interior and exterior improvements.
The Property sits on an expansive 7.4-acre site, with ample amenities including a fully redesigned clubhouse and business lounge/coffee bar, a new fitness center, and a pool with a free-standing cabana. Built in 2008 and with 80% of the units in classic condition, the property is an ideal candidate for a value-add unit renovation program to drive premium rents while remaining an affordable alternative to new product in the submarket.
This is Orion’s eighth acquisition in the central Texas corridor, spanning from Austin to San Antonio, and the firm is focused on expanding its portfolio in the area. Orion has a favorable long-term outlook on central Texas and expects that the corridor will continue to outperform the nation in both job and population growth.
CBRE Multifamily Capital provided an acquisition loan through East West Bank, and Orion will utilize property management company Anterra. Anterra currently manages 1,074 units for Orion in San Antonio.

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