KING OF PRUSSIA, PA – Morgan Properties, the nation’s fifth largest apartment owner and operator, announced it has bought 18 communities encompassing 3,256 units in North and South Carolina. Morgan Properties bought the portfolio for $323 million. This transaction takes Morgan Properties unit count in the Carolinas to nearly 5,000 units and their national portfolio to more than 78,750 units. Through the acquisition, the company will maintain over seventy existing jobs while making 10 new regional management positions to be based in the Carolinas. Morgan Properties also plans to invest an additional $20 million into renovations and amenity upgrades at the properties.
Despite 2020 being an unprecedented year, this acquisition shows our continued confidence in class B, value-add multifamily fundamentals, the strength of our business and talented team, and our eagerness to grow our portfolio, said Jonathan Morgan, President of Morgan Properties. The Carolinas are quick-growing markets that offer fantastic access to major employment hubs. We are excited to further expand our presence in these key markets, provide employment opportunities at a critical time in our economy, and enhance the living experience for the thousands of residents who call these communities home.
The Carolinas portfolio is primarily concentrated in North Carolina with 13 properties totaling 2,243 garden-style apartments conveniently located in or near Charlotte. The communities include Village at Brierfield, Wexford and Sharon Pointe in Charlotte; Parkway Station, Trinity Station and Waters Edge in Concord; Kannon Station and McClain Heights in Kannapolis; Woodbrook in Monroe; Alexander Station, Ashton Woods and Lakewood in Salisbury; and Huntersville in Huntersville. There are three additional communities encompassing 562 units that are located in Winston-Salem: Highland Ridge in High Point; Clemmons Station in Clemmons; and Enclave at North Point.
The South Carolina portfolio also consists of three unique multifamily communities with 583 units in Rock Hill, Gaffney, and Anderson: Gable Oaks, with immediate access to retail and I-77, 1022 West, conveniently located near US Highway 29 and I-85, and Station 153, situated in close proximity to Anderson s largest park and minutes away from fantastic shopping, restaurants and entertainment.
Morgan Properties plans to do a $20 million value-add repositioning strategy throughout the portfolio, which will include enhanced curb appeal and signage; premium kitchen and bathroom upgrades; washer and dryer installations; and amenity upgrades such as dog parks, playgrounds with exterior fitness stations, high end bike racks and bike-share program, resident patios with grilling and firepits, putting greens, club rooms with gaming such as ping pong, foosball and pool tables, and package rooms with Amazon hub lockers.
The Carolinas portfolio presents tremendous opportunity for Morgan Properties to expand its footprint in the Carolinas and do what it does best: bring our top-level service and value-add amenities to residents seeking an affordable but exceptional living experience, said Jason Morgan, Principal of Morgan Properties. As a best-in-breed class B owner/operator, we ll continue to target investment opportunities in these markets and nationally where our operational expertise can quickly add value for residents and investors.
Since 2012, Morgan Properties has bought over $7.5 billion in total acquisition volume comprised of more than 55,000 units. In 2019 alone, the Company bought $3.1 billion and 24,000 units in 8 states.

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PLANTATION, FL – Mill Creek Residential, a leading multifamily developer and operator specializing in premier apartment communities across the U.S., announced leasing is underway at Modera Cornerstone, a modern retreat-like apartment community located in the vibrant Southeast Florida suburb of Plantation.
Situated amidst the 58-acre Class A business campus of Cornerstone Corporate Center, Modera Cornerstone offers 330 contemporary apartment homes and deluxe array of community amenities. First go-ins at the Fort Lauderdale-area community started in August.
“Plantation continues to be an attractive option for renters with its centralized Broward County location and unique combination of city living in a suburban environment,” said Jeff Meran, executive managing director of development of Florida for Mill Creek. “We are thrilled to join the neighborhood and look forward to offering a sophisticated living experience that we believe will set the standard for apartment living in the area.”
Located at 1240 S. Pine Island Road immediately north of the Interstate 595 interchange, Modera Cornerstone provides a prime Broward County location with expedient access to surrounding locales such as Fort Lauderdale, Davie, Sunrise, Weston and Miami.
Within the immediate area of Modera Cornerstone, residents have access to a wide variety of national and local retailers and restaurants, medical facilities, recreational opportunities and major employers. Nearby Broward Mall is adding new restaurants and shops, and the repurposed Plantation Fashion Mall is under development which will feature additional high-end retail, office and hotel space.
Modera Cornerstone offers one-, two- and three-bedroom homes ranging in square footage from 657 to 1,384 with den layouts available. Community amenities include a resort-style pool, club-quality fitness center with yoga/Pilates studio, expansive clubhouse, outdoor lakeside patio, courtyard putting green, onsite dog park and pet spa, pool table, barbecue area, business center and playground. Residents also have access to self-serve package lockers, controlled-access garage parking and free Wi-Fi in social zones.
Apartment interiors are delivered with wood plank-style flooring, nine-foot ceilings, ceiling fans, stainless-steel Energy Star appliances, quartz countertops, tile backsplashes, USB ports, full-size washers and dryers, keyless entry and private patios or balconies featuring lake, city or green space views. Select homes include a separate dining area, pantry, breakfast bar, linen closets and an alarm system. Residents also have access to cold storage as well as additional storage.
Modera Cornerstone marks Mill Creek’s eleventh development community in the South Florida region. Other Fort Lauderdale-area communities include Modera Flagler Village in development and Modera Port Royale.

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PROVIDENCE, RI – Gilbane Development Company has completed development of four new student housing projects, delivering over 3,000 beds of new development for students prior to the start of the fall semester at Towson University, Arizona State University, Oregon State University, and Kennesaw State University. Gilbane Development Company s new and existing student housing portfolio leased to 97% occupancy as of August 2020.
In addition, Gilbane Development was also selected as a trusted developer for over 2,500 on-campus beds and secured financing for over $300 million in new student housing developments throughout 2019 and 2020.
The completed student housing developments include:
Altus – Towson, MD, where Gilbane Development delivered 720 beds of student housing just .3 mile from the Towson University campus as part of Towson Row, a $350 million mixed-use development with over 1 million SF of retail, hotel, residential, and office space in Towson, MD. Amenities include a clubroom, fitness center, computer lounge, study rooms, game room, and two elevated courtyards, which collectively include a swimming pool, grilling area, fire pit, bocce court, pet park, and more. Gilbane Development is also currently developing The York at Towson Row, scheduled for delivery in August 2021;
Apollo – Tempe, AZ, a 943-bed purpose-built student housing and 64 units of market rate/workforce housing (Array on Apache), just 1,000 feet from Arizona State University s Tempe, Arizona campus. Array features 12,000 SF of retail and a structured parking garage along with best-in-market amenities including two unique pool areas: a rooftop swimming pool with panoramic views and a courtyard swimming pool. Additional amenities include a 25,000 SF rooftop amenity deck and sky lounge, a 6,000 SF open-air fitness center with cardio, full weights, and fitness/yoga center, outdoor courtyards with fire pits, cabanas, spa, central clubhouse, 24-hour study lounges, game rooms, and computer lab;
Sierra – Corvallis, OR a 228-unit building abutting the southeast corner of Oregon State University s campus in Corvallis, Oregon. Amenities include a heated pool, clubhouse, fitness center, game room, group study rooms, structured parking, a garage and 3 courtyards. The property is also only a few blocks from Downtown Corvallis; and,
Bixby – Kennesaw, GA, at Kennesaw State University (KSU) in Kennesaw, GA, 30 minutes north of Atlanta, which consists of 656 beds, a structured parking garage, and approximately 3,000 SF of retail. Bixby features a heated saltwater swimming pool and rooftop skydeck overlooking the KSU football stadium.
We are proud of each of our many team members and project partners, from design to construction to property management and operations, who tirelessly worked together to bring these exciting projects from vision to reality for students, parents, and campuses around the country, said Russell Broderick, senior vice president of Gilbane Development Company.

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