KING OF PRUSSIA, PA – Morgan Properties, the nation’s largest private multifamily owner, announced it has bought, in partnership with Olayan America, a portfolio of 48 apartment communities and 14,414 units in 11 states for $1.75 billion. The Morgan Properties and Olayan America joint venture bought the North Star Portfolio from STAR Real Estate Ventures, a joint venture between El-Ad National Properties, LLC and Yellowstone Portfolio Trust. The North Star acquisition is the largest multifamily transaction this year and Morgan Properties largest deal since acquiring the Morgan Communities portfolio of 95 apartment communities and 17,500 units in 8 states for $1.9 billion in 2019.
The North Star investment is a strategic transaction for Olayan America, and provides access to some of the best multifamily markets in the nation. It speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector, said Erik Horvat, Managing Director and Head of Real Estate at Olayan America. Olayan America prides itself on its ability to go quickly and capitalize on these unique investment opportunities. Since 2014, Morgan Properties and Olayan America have closed 13 transactions (for $4.3 billion in total acquisition volume) to buy a workforce housing portfolio of over 110 properties and 35,000 units in 14 states, all of which are managed and operated by Morgan Properties. In October of 2020, Morgan Properties and Olayan America bought the Threshold Portfolio, an 18-property, 3,256-unit multifamily portfolio in the Carolinas for $323 million.
The North Star acquisition is a major milestone for our organization and a testament to our conviction in the fundamentals of class B multifamily, says Jonathan Morgan, President of Morgan Properties JV. This transaction establishes us as the second largest multifamily owner in the country and the nation s largest private owner. Morgan Properties growth has been unprecedented in the multifamily industry. We have bought $9 billion of assets and over 70,000 units since 2012. While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it. We are excited to grow our geographic footprint and enter Florida, Texas, Georgia, Louisiana and Michigan. We value our partnership with Olayan and are thrilled to close another monumental transaction together.
The North Star transaction played to our strengths and we knew we were one of the only groups in the country that could bring it to fruition,” says Jason Morgan, Principal at Morgan Properties. It is a daunting task for most buyers to buy geographically diverse portfolios and incorporate the properties into their operational platform, but this is one of Morgan Properties core competencies. The Morgan Communities transaction set precedent for our North Star acquisition given its complexities, assumable debt similarities and size. Due to our long-term hold philosophy, we can pursue transactions encumbered by long-term debt in which the seller is unwilling or unable to defease. As a result, we are able to buy properties at a discount to the broader market. Morgan Properties has bought over $5.5 billion of assets across 40,000 units in the last two years alone in mostly off-market transactions. Our team is looking forward to hitting the ground running.
North Star consists of 48 apartment communities and 14,414 units in 11 states including Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. The portfolio averages 300 units per property and an average vintage of 1985. Unit concentrations are in suburban Baltimore (2,566 units), Tampa-St. Petersburg, FL (1,972 units), suburban Atlanta (1,180 units), Lafayette, LA (972 units), suburban Chicago (762 units), Dallas (744 units), and Boca Raton, FL (712 units). Morgan Properties and Olayan America have solidified their strong market presence in the Mid-Atlantic Region, while greatly expanding their concentration in the Southeast, Southwest and Midwest. They plot to invest an additional $100 million for enhancements and amenity upgrades to the properties of the North Star portfolio.
With the North Star acquisition, Morgan Properties and Olayan America entered five new states including Florida, Texas, Georgia, Louisiana, and Michigan. Morgan Properties has a proven track record in South Florida, where the shifting demographic trends are enticing people and businesses to relocate. Morgan Properties and Olayan America look forward to growing their portfolio in each of these markets.
As part of the North Star acquisition, Morgan Properties hired 400 new employees to join its growing organization, while making two area vice president positions, 14 regional management positions and 70 corporate positions. The Company has chose to open a regional office in Boca Raton to better serve its expansion in the Southeast Region.

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FORT WORTH, TX – Embrey announced that it has sold Kelley at Samuels Avenue, a premier property thoughtfully integrated into a historic site overlooking the Trinity River, in Fort Worth.
As part of the project, Embrey preserved two historic homes on the site by moving one to a new location, and the other, known as the Garvey House and “Queen of the Trinity” was transformed into the property’s leasing office. The Garvey House is a Texas landmark recorded by the Texas Historical Commission.
“Embrey is quite proud of this project and the awards recognizing the historic preservation,” said John Kirk, Managing Director & Executive Vice President of Development. “The community itself offers views of the river and the skyline of downtown Fort Worth and a comprehensive list of amenities. With its connection to Texas history, it has proven to be a desirable place where residents want to be.”
Community amenities include a reservable clubhouse for private parties, a resident library, a fitness center with yoga and spin studio with virtual trainer, a game room, and a bier garden. Residents also have access to a tech lounge with WIFI, a bike shop and storage, package lockers, a pet park and spa, an outdoor kitchen, expansive covered porches, and controlled access gates.
Units offer spacious floor plans and luxury appointments such as full-size washers and dryers, wood-style plank flooring, large kitchen islands with undermount sinks, stainless appliances, granite and quartz countertops, under-cabinet lighting, side-by-side refrigerators, and garden-style soaking tubs.

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PHOENIX, AZ – MORGAN, a Houston-based leader in multifamily development, construction, acquisitions and property management, has opened the Pearl Biltmore, its first multifamily luxury community in the Phoenix market. Located near the intersection of Highland and 24th Street, the 472-unit project is a joint venture between MORGAN and Mesirow.
Pearl Biltmore contains 19 unique floor plans in a mix of studio, one-, two- and three-bedroom apartments, including several loft-style units. The five-acre property is surrounded by more than 7.4 million square feet of Class A office space, medical offices, resorts, and numerous retail and dining destinations, including Biltmore Fashion Park. Less than a mile from State Route 51, the site offers convenient access to downtown and Phoenix Sky Harbor International Airport.
We are excited about opening our first investment in Phoenix,” Vice Chairman Alan Patton said. “With shopping, restaurants, entertainment options and daily conveniences right out the front door, Pearl Biltmore affords residents a lifestyle among the most desirable neighborhood amenities in one of the best submarkets in the valley. Within the community, we provide a host of best-in-class amenities synonymous with the Pearl brand.”
Premium Pearl amenities at the Pearl Biltmore include luxury vinyl plank flooring in living areas; Nest thermostats; full-size balconies or patios; open kitchens with stainless steel appliances, under cabinet LED lighting, Quartzite countertops and glass tile backsplash; Quartzite countertops and backsplash in the bath area, as well as LED backlit mirrors. Select residences have skyline views, walk-in closets, movable kitchen islands, walk-in glass showers, and spa soaking tubs.
Outside the units, the property features more Pearl extras, such as a two-tale fitness center with a cardio/strength training area and fitness-on-demand studio; a clubroom with lounge seating and media wall; two resort-style pool decks with grill stations, cabanas and bistro seating; a scenic sky lounge with an indoor/outdoor catering kitchen, media wall and Wi-Fi counter; a co-working lounge with a computer bar, printer station, refreshment center and private office pod; a bark park with pet wash area; a bike storage room with repair tools; and 24/7 package retrieval.
According to Alasdair Cripps, Chief Executive Officer and Co-Chief Investment Officer of Mesirow’s Institutional Real Estate Direct Investments business, “We are excited to partner with MORGAN on this latest investment in Phoenix, one of the nation’s strongest multifamily markets. This property exemplifies the signature Pearl luxuries, from the exclusive and classy ambiance of the property itself, to the premium amenities available for residents and the convenience and adventure offered by the exceptional location.”

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