KING OF PRUSSIA, PA – Morgan Properties, one of the nation’s largest and fastest growing multifamily investors, announced it officially ranks as Pennsylvania’s largest multifamily owner and operator following its historic portfolio acquisition of 10 apartment communities with 4,130 apartments spanning Philadelphia and Northern Virginia. This acquisition brings Morgan Properties’ Pennsylvania portfolio to 9,300 units and its total unit count reaches 50,000 units for the first time since its inception in 1985. This landmark acquisition marks the largest multifamily transaction in Philadelphia to date and expands the company’s already growing presence in the Northeast and Mid-Atlantic Region.

Morgan Properties plans to invest an additional $20 million into renovations and amenity upgrades in these properties. Morgan Properties has successfully completed recent acquisitions in both markets including the Mark Center Portfolio, a $509 million acquisition comprised of 2,664 units in Alexandria, Virginia; and Chesterfield Apartments and Curren Terrace Apartments, a combined $71 million portfolio acquisition in suburban Philadelphia. Morgan Properties currently owns 5,000 units in Northern Virginia.

“We are extremely proud of our organization in achieving this significant milestone of reaching 50,000 units. We considered this portfolio a once in a lifetime acquisition opportunity as it marks the largest multifamily transaction in Pennsylvania to date and officially makes us the top multifamily owner in our home state,” said Jonathan Morgan, President of Morgan Properties JV. “This transaction solidifies the geographic concentration in two of our Core Markets of suburban Philadelphia and Northern Virginia. We are confident in the strong fundamentals of the multifamily industry and are very well positioned for the future. Our team is looking forward to hitting the ground running on this one. Since 2012, Morgan Properties has bought over $5 billion in total acquisition volume comprised of over 30,000 units.”

The Philadelphia assets in this portfolio consist of seven apartment communities totaling 2,346 units. Stonegate at Devon and Villas at Bryn Mawr, both located in the coveted Main Line neighborhoods of Devon and Bryn Mawr, total 947 units. The remaining five assets, totaling 1,399 units, are situated in Conshohocken, West Chester, Downingtown, Jeffersonville, and Bensalem in suburban Philadelphia.

The Northern Virginia sub-portfolio consists of three apartment communities totaling 1,784 units. Mount Vernon Square in Alexandria, Virginia represents the largest property in the portfolio, with 1,387 units. The apartment community is considered the anchor asset to Morgan Properties’ rapidly growing presence in Alexandria, Virginia. East Meadows and Village of Potomac Falls round out the Northern Virginia sub-portfolio. The properties, located in Fairfax and Sterling, total a combined 397 units. Both assets are located within two miles from the Dulles Airport with convenient access to the Reston-Herndon employment centers and the growing Dulles technology corridor.

“This acquisition is a game-changer for our organization,” said Jason Morgan, Principal at Morgan Properties. “We aspire to get better with every acquisition and our team is excited about the economies of scale this brings to our portfolio. We closed this transaction using our own internal sources of equity, secured very attractive long-term, fixed-rate financing and view this portfolio as generational hold. We continue to be selective on acquisition opportunities but realize that these portfolios of critical mass rarely come on the market in suburban Philadelphia given the multifamily ownership composition is primarily comprised of families. We also look forward to owning over 5,000 units in Northern Virginia.”

As a best-in-breed class B multifamily owner/operator, Morgan Properties owns and manages 50,000 units in 11 states throughout the country. The company targets multifamily properties in infill, high-barrier markets where its operational expertise can quickly add value for its residents and investors.

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AUSTIN, TX – Endeavor Real Estate Group and joint venture partner MetLife Investment Management (MIM), MetLife Inc.’s (NYSE: MET) institutional asset management business, have broken ground on a 30-tale mixed-use tower in the Rainey Street District.

The Quincy will include: Ground-level retail with separate, dedicated residential and office lobbies. The retail space totals approximately 10,360 square feet and includes one level of below-grade parking. Seven floors of above-grade parking, including an office parking ratio of up to three spaces per 1,000 square feet. Three floors of Class A office space, totaling approximately 77,540 square feet. Features include outdoor terraces with lake views, secured bike storage, a dedicated ground floor lobby separate from the residential tower, and showers on every floor. 19 floors of residential units, with a total of 347 apartment homes for lease. Resort-style amenities designed to take full advantage of the outdoors, including: a lush terrace complete with a pool, firepit, cabanas, observation deck and an exercise lawn. Coupled with a 30th floor indoor/outdoor sky deck overlooking Lady Bird Lake, there will be a dog grooming spa, sports lounge, media room, large co-working space and business center, ample package lockers, as well as a lounge to serve as a waiting area for transportation networking companies like Uber and Lyft.

The Quincy is anticipated to open in the first quarter of 2021, with market analysts noting that the tower will be the first in the Rainey Street district to combine retail, office and residential uses all in one building within that district. The entire building will merit two stars from the Austin Energy Green Building rating system.

“The Rainey Street District has evolved into a thriving, organic, walkable neighborhood full of unique bars, restaurants, hotels and housing adjacent to Lady Bird Lake on the hike and bike trail. The Quincy will weave nicely into the fabric of the neighborhood and establish a new front door to the district,” said Jamil Alam, managing principal for Endeavor.

Kurt Day, managing director, Real Estate, MetLife Investment Management said: “Since first investing in the downtown Austin market more than 30 years ago, we have continued to see the city evolve into an attractive convergence market. This partnership opportunity with Endeavor on The Quincy pulls together many of our favorite traits about mixed-use developments, and we are excited about contributing to the evolution of the Rainey Street district.”

The Quincy’s site on Red River Street is bounded by Driskill Street to the north and Davis Street to the south, where two parking lots presently reside. Nearby, a new Whole Foods Market is slated for Saltillo, another Endeavor project, located between 4th and 5th Streets, along IH-35. Even closer are the Austin Convention Center and two major hotels, Hotel Van Zandt and Fairmont Austin. Some of the region’s hottest restaurants, like El Naranjo, Emmer & Rye, and Iron Works Barbecue, are a small walk away. Additionally, the site offers immediate access to Lady Bird Lake – along with its renown Ann and Roy Butler Hike & Bike Trail.

Ziegler Cooper Architects designed the 360-foot-tall tower, while Kimley Horn is serving as the project’s engineer, Brockette Drake Davis is acting as the structural engineer and Blum Consulting Engineers is acting as the MEP engineer. IBC Bank is the lender on the project and Rogers-O’Brien Construction Company Ltd. has been brought on to serve as general contractor. Endeavor will handle retail and office leasing for the project.

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RICHMOND, VA – HHHunt Corporation, a diversified regional leader in real estate development, building and management for over 50 years, announced a $128.4 million investment in the development of new senior living communities. 

One of the Mid-Atlantic’s largest regional real estate leaders, HHHunt is committed to continuing its intentional, strategic growth. The company’s revenue surpassed $500 million in 2018 and has grown by over 70% in the past five years. HHHunt is actively pursuing new development opportunities in 2019.

“HHHunt has over two decades of experience in the senior living sector and we are committed to continued growth.  Our focus is on innovative thoughts that will best meet the changing needs of the senior population,” said Dan Schmitt, president and COO of HHHunt.

HHHunt’s Senior Living division will open two new communities this year in Maryland, including Spring Arbor of Croftonand Spring Arbor of Frederick. Construction of a third new senior living community in Maryland, Spring Arbor of Olney, is underway. 

HHHunt also plans to start construction on a new community in Virginia dedicated to memory care needs, Spring Arbor Cottage of Fredericksburg. These four new senior living communities in Maryland and Virginia will serve more than 365 residents and represent $128.4 million in total investment in these senior living communities.  

“Our vision is to improve the world and how people live,” said Janet Riddlebarger, president of HHHunt’s Asset Management Group. “Our growth and continued investment highlight our confidence in the quality communities we develop and our incredible teams.” 

HHHunt currently owns and manages 21 senior living communities.

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