KING OF PRUSSIA, PA -Morgan Properties, the nation’s largest private multifamily owner, announced it has bought two portfolios totaling 18 apartment communities and 4,724 units in four states: Georgia, Florida, North Carolina, and South Carolina. Morgan Properties bought the Middle Street Partners (MSP) and Northland portfolios for a combined $780.5 million. With the addition of these new communities, Morgan Properties now owns and operates 10,540 units throughout the Sunbelt region, and 95,000 units nationwide.
These two portfolio acquisitions come just months after our monumental $1.75B North Star transaction, making 2021 another significant year in Morgan Properties three-decade growth tale, said Jonathan Morgan, President of Morgan Properties JV. Since 2012 alone, we have bought more than $9 billion of assets and over 75,000 units, strengthening our reputation as one of the fastest-growing multifamily owners/operators. As we inch closer to becoming the largest in the nation, we ll continue to prioritize opportunities to expand our presence in key markets like the Sunbelt, retain and make jobs, and enhance the overall living experience for the thousands of residents who call Morgan Properties home.
The MSP Portfolio spans Georgia, Florida, North Carolina, and South Carolina. Its 15 apartment communities totaling 4,102 units offer a mix of Class B workforce and Class A upscale units with a concentration of units in the Columbia, SC; Fayetteville, NC; Jacksonville, FL; Augusta, GA; Greenville, SC; and Charlotte, NC markets.
The Northland Portfolio is focused in West Palm Beach, FL and consists of three garden-style apartment communities totaling 622 units. Royal St. George (224 units), Village Place (202 units), and Windward at the Villages (196 units) are within walking distance of each other and provide convenient access to many of the areas primary shopping, golf, and dining options.
The Sunbelt region is booming right now, and these two portfolios presented a tremendous opportunity for us to increase our footprint in states that are undergoing high population and employment growth, says Jason Morgan, Principal of Morgan Properties. As a company, we continue to play offense and proactively seek large portfolios that allow operational efficiencies and economies of scale. These new portfolios based in some of the most in-demand multifamily markets in the country enable us to further expand our best-in-class, Class B workforce housing platform while also diversifying our expertise with the inclusion of several newer Class A communities.
Morgan Properties plans to do a $47.5 million value-add repositioning strategy throughout both portfolios that includes washer and dryer installations; kitchen upgrades such as new backsplashes, granite countertops, and stainless-steel appliances; Amazon Hub package rooms; bike-share programs; new fitness equipment; upgraded outdoor amenity spaces with grills, new furniture, and fireplaces; and more. Through a combination of existing positions and newly made roles, Morgan Properties will be adding more than 90 new employees from the portfolio of bought properties, driving their total employee count to over 2,600 nationwide.

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NEW YORK, NY – Oakwood, the internationally renowned hospitality brand, announced the debut of Oakwood Living, a new portfolio offering that delivers on multifamily living in the post-pandemic world with a focus on extended-stay accommodations, select services and amenities that allow residents to live like a local.
Built on the belief that excellent living can be achieved with the freedom to live life on one’s own terms, Oakwood Living allows guests to live well in an environment that enables them to care for themselves and their environment, while staying rooted in a excellent community.
With facilities targeted at young families and professionals, whom apart from seeking a convenient address perfectly positioned for both work and play within a community, also want long term leases with flexible terms, Oakwood Living offers up the perfect balance to live well with the option to work remotely or simply experience or explore a new destination. Located in Dallas, Texas; Raleigh, North Carolina; Los Angeles and Redwood City, California; residents can choose from a number of unfurnished residential options situated in engaging communities that offer key amenities including a dedicated resident’s lounge, outdoor BBQ, spacious fitness centers, as well as tech-enabled lifestyle services through Hello, Alfred, an app that provides residents with regular events and experiences that support their lifestyles.
Taking inspiration from the organic shape of roots and a location map indicator, the new brand spots a representative logo that visually tells of its tale, in earthy colors of leave and tree that support the call for residents to stay rooted with an Oakwood Living property.
“At Oakwood, we have identified a rising opportunity to augment our positioning in the unfurnished multifamily accommodation sector with long-term lease options that still allow for flexibility. Oakwood Living signifies our dedication to the U.S. market and is a milestone moment in our portfolio’s growth,” said Dean Schreiber, chief executive officer of Oakwood. “We’ve strategically selected our inaugural locations where open palettes are extended to our future residents in the heart of active communities. Not only will they be able to make a personal space that truly inspires, we hope that it will also allow them to live authentically like a local.”
Oakwood Living locations offer a variety of amenities to deliver on their lifestyle commitment to residents including a dedicated pet run, built-in kitchens, in-unit washer and dryers, communal recreational facilities to foster connection, 24/7 package locker access, dedicated lounge with workspaces and more. Each Oakwood Living location offers a tight-knit sense of community, redefining multifamily living.

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PASADENA, CA -Waterford Property Company in partnership with California Statewide Community Development Authority (CSCDA) has bought THEO, a 105-unit multifamily community located at 289 N. El Molino Ave. in Pasadena, for $67 million.
Upon taking ownership of THEO, Waterford, as project administrator, and CSCDA will immediately lower rents for qualified new residents making between 60% to 120% of the area median income (AMI) under CSCDA s middle income housing program. Annual rent increases are capped at no more than 4 percent and existing tenants that do not meet the income restrictions can remain in place until they elect to leave.
Average in place rent per unit at THEO is currently $3,562. As part of this essential housing program, average per unit rent with the new rent restrictions in place will be $2,860. Each unit will recognize a savings average of $702 per month or $8,421 on average per year, decreasing rents 19.9 percent below current in-place rents.
This is more than a real estate transaction. This program benefits people. It provides a vehicle to make housing in California more affordable while providing residents a chance to experience real savings. We believe this program will help our essential workers, such as medical workers, teachers, and service professionals, remain in the cities where they work, said Sean Rawson, co-founder, Waterford Property Company.
This is the third property in Pasadena added to Waterford s essential housing portfolio. Waterford now administers 10 communities in Southern California that have been converted from market rate to essential housing bringing its portfolio to 2,748 units and over $1.6 billion of tax-exempt bond issuances, further making the firm one of the most active sponsors in California.
The Pasadena City Council approved the transaction at its August 2 meeting in a 9-0 vote. Pasadena Councilmember and Chair of the Economic Development Committee Tyron Hampton confirmed his approval for the project noting, This brings us certainly needed workforce housing…which is something we need…It was a unanimous choice from the committee in favor.
The San Gabriel Valley multifamily market is experiencing record low vacancy rates at 1.7 percent. This allows landlords to dramatically increase their market rents. By reducing rents for essential workers, we are providing a solution to the challenges many renters are and will be facing. We are thankful that the city of Pasadena has recognized this issue and is working with our team to do something to help, said John Drachman, co-founder, Waterford.
Institutional Property Advisors Kevin Green and Gregory Harris represented Waterford in the transaction with the seller Summerhill Communities.

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