KING OF PRUSSIA, PA – Morgan Properties, one of the nation s top three multifamily owners, announced it has acquired two portfolios totaling eight apartment communities and 2,986 units in Illinois and Indiana. Morgan Properties acquired the two portfolios for a combined $410 million. With the addition of these new communities, Morgan Properties now owns and operates 2,035 units in Illinois, 3,692 units in Indiana, and more than 95,000 units nationwide.
On the heels of our recent acquisition in Fayetteville, North Carolina, these portfolios presented yet another opportunity for Morgan Properties to continue to strategically diversify our geographic footprint beyond the Mid-Atlantic region, said Jonathan Morgan, President of Morgan Properties JV. We remain bullish on the fundamentals of the multifamily industry and are extremely well positioned to capitalize on portfolio acquisition opportunities. We are excited to achieve another milestone in growing our portfolio to 95,000 units and we will continue to target opportunistic deals in our acquisition efforts.
The Illinois portfolio consists of The Lakes of Schaumburg (428 units), Blackhawk Apartments (371 units), and The Gates of Deer Grove (204 units). Located in Schaumburg, Elgin, and Palatine respectively, these three communities are situated within some of the most desirable Chicago suburbs.
The Indianapolis portfolio consists of The Boardwalk at Westlake (1,381 units), Parkside at Castleton Square (190 units), Lakeside Crossing at Eagle Creek (166 units), The Elliott at College Park (126 units), and The Preserve on Allisonville (120 units). Each community is strategically located along Interstate 465 and readily accessible to local universities and business hubs in Indianapolis and surrounding areas.
We are excited to enter the Indianapolis market and further expand our existing Chicago portfolio, said Jason Morgan, President of Morgan Properties Special Situations & Principal. Growing our presence in the Midwest provides us with the necessary scale to quickly deploy our value-add strategies, enhancing the overall experience for the thousands of residents who call these communities home. Additionally, acquiring these portfolios in an increasingly choppy capital markets environment is a testament to our reputation in providing execution certainty. Morgan Properties was able to capitalize on market volatility and we look forward to executing on our business plan and delivering for our residents, employees, and investors.
Morgan Properties plans to invest over $40 million in capital improvements across the two portfolios that will include premium kitchen and bathroom upgrades including new decorative backsplashes, in-unit washer and dryer installations, new vinyl floors, community amenity enhancements, advanced technology, and more.

FORT WORTH, TX – The Elm at River Park, a 293-unit multifamily community in desirable southwest Fort Worth, has been sold by Embrey. The purchase was made by TA Realty. Nationally recognized Embrey Management Services will continue to manage the community.
“It has been a pleasure to develop and build this beautiful community,” said John Kirk, Managing Director and Executive Vice President for Embrey. “The Elm at River Park’s excellent location and upscale amenities will make this a highly desirable place to live for many years to come.”
Amenities include a game lounge, a resort-style pool with cabanas, a dog park and pet spa, a fitness center with on-demand programs, and a business center with micro-offices and a conference room.
Residential units include inviting kitchens with granite countertops, and stainless steel appliances, plus wine and dry bars in select units.

GREENWOOD VILLAGE, CO – Century Communities, a top 10 national homebuilder and industry leader in online sales, announced that Century Living, the Company’s fast-growing national multifamily division, has broken ground on its 227-unit Verona Apartments project in Highlands Ranch, Colorado.
Steps from the Highline Canal Trail network and adjacent to major arterial roadways—allowing easy access to Denver’s largest employment hubs and the broader metro—the project will feature lavish amenities, thoughtful apartment interiors with smart home features, balconies on all units, plus select units with scenic views of the mountains. The multifamily development is anticipated to open and begin lease-up in the second half of 2023.
“With this project, we’re continuing to build on our mission of delivering high-quality multi-family developments with exceptional livability,” said Jim Francescon, President of Century Living. “Verona’s prime location and resort-style amenities reflect our commitment to a best-in-class, full-lifestyle experience for renters in the Denver Metro area.”

LONG BEACH, CA – Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of the Long Beach Coastal Collection, a portfolio of multifamily communities in Long Beach, Calif., for $180 million. The portfolio consists of three mid-rise properties comprised of 348 apartments total. Geoff Boler of Eastdil Secured facilitated the transaction.
Located in the center of Long Beach, the properties are conveniently walkable to the beach and downtown Long Beach’s dining, retail and employment offerings. The portfolio is anchored by the Port of Los Angeles and the Port of Long Beach, the busiest ports in the country which support more than 300,000 jobs in the Long Beach area. The communities are proximate to several of the area’s major highways, and are equidistant to the nearby employment centers of Los Angeles and Orange County.
“The Long Beach Coastal Collection is a strong addition to HGI’s West Coast portfolio given its central location in an established market that is experiencing renter demand for high quality apartment housing,” said Greg Heller, Managing Director of HGI. “We see significant opportunity for operational upside with this transaction, anticipating high occupancies and steady rent growth across the communities.”
Built in 2019 and 2020, the Long Beach Coastal Collection includes a mix of studio, one- and two-bedroom units located within a three-minute drive of each other. The properties feature market-leading amenities such as a rooftop deck with panoramic views, 24-hour resort-quality fitness centers, resident lounges, a heated pool and spa, co-working space and gaming and entertainment rooms.
The Long Beach Coastal Collection is HGI’s eighth multifamily investment in Southern California.

SAN JOSE, CA – Funds managed by Oaktree Capital Management, in a joint venture with MG Properties, have purchased The Platform Urban Apartments, a 551-unit community in San Jose, CA.
The Platform is a transit-oriented mixed-use community with 35,000 sf of ground floor retail, completed in 2019. Located in the Berryessa submarket of San Jose, The Platform is in a premier Bay Area location defined by strong employment growth by established and expanding global technology companies.
“We believe the Bay Area is poised for a recovery and is well priced in comparison to other markets,” MG Properties President Jeff Gleiberman said of MG Properties’ investment. “The Bay Area market is seeing explosive employment growth which we expect to drive multi-family demand.”
Jared Lazarus, managing director in Oaktree’s Real Estate Group, added, “We are excited about our partnership with MG Properties to acquire The Platform, which we believe is a high-quality asset in the attractive multi-family sector. This transit-oriented, luxury community asset will strongly benefit from the Bay Area’s continued economic recovery from the pandemic.”
The Platform Urban Apartments is a luxury community with an attractive contemporary design, an expansive resort-style common area amenity package, and well appointed, functional floorplans.
The sellers were represented by Eastdil Secured. The acquisition of the community was financed with a loan from TPG Real Estate Finance Trust Inc., an affiliate of alternative asset management firm TPG, arranged by Eastdil Secured.

SEATTLE, WA – GID, a vertically-integrated real estate company with corporate offices in Atlanta, has announced the acquisition of Uplund Apartments located in Kirkland, WA, a suburb of Seattle. Built in 2021, the 409-unit community is managed by GID’s wholly-owned property management company, Windsor Communities, and has been rebranded Uplund at Totem Lake by Windsor.
The luxury development offers open-concept studio, one-, two-, and three-bedroom apartments that include stainless-steel appliances, quartz countertops, in-unit washers and dryers, and nine-foot ceilings.
The property also features coveted amenities including two landscaped terrace courtyards, outdoor gas firepits, BBQ grilling stations, outdoor TVs, and an outdoor nature walking trail, as well as resident lounges with entertaining kitchens and fireplaces, a fitness center, a dog wash station, and bike storage.
With Amazon and Microsoft world headquarters nearby and a short drive from The Village at Totem Lake, a vibrant shopping center, and a plethora of dining and entertainment options – residents will find the fantastic suburban location that offers the ideal work-play lifestyle.
Future residents can also expect outstanding customer service from Windsor Communities, which ranked number one in Overall Customer Service and Maintenance by the Kingsley Excellence Award Program in 2021.

RAEFORD, NC – Olympus Property announced the successful acquisition of Stone Gables, a 192-unit garden-style apartment community in Raeford, North Carolina, just outside of Fayetteville.
The property is strategically located in close proximity to some of the region’s most notable employers such as Fort Bragg, one of the largest military bases in the world with a workforce of more than 60,000 and estimated economic impact of over $13 billion. Other major nearby employers include the VA Healthcare Centers, Goodyear Tire, and Walmart Associates. Stone Gables is also within five minutes of the 401 retail corridor, with over 1 million square feet of retail space.
The property is well-positioned to capitalize on the region’s stable military-heavy economy and steady population growth. Limited new supply and pent-up demand will continue to drive rent growth over the foreseeable future, which has increased 12.4% over the last year.
Olympus Property, who operates the nearby community Heights at MacArthur Park, plans to leverage its local presence in the Fayetteville market. “Stone Gables will be the second asset we’ve acquired in Fayetteville this year. It’s a beautiful property in a market that’s experiencing strong rent growth paired with virtually no development pipeline. The positive market fundamentals and the economies of now having two properties makes this an excellent acquisition,” notes Travis Bertetto, Associate Director of Acquisitions at Olympus Property.
Completed in 2013, the Class A property features eight three-story apartment buildings spaciously situated on 12.83 acres. The property features a robust amenities package including a 24-hour fitness center, resort-style pool & sundeck, detached garages, picnic & grilling areas, resident park with playground, and off-leash dog park. Unit interiors include nine-foot ceilings, full size washers/dryers, granite kitchen and bathroom countertops, black appliances, and private patios/balconies. Olympus plans to further enhance the Class A property with an additional $1 million in capital over the next few years which in turn will add significant long-term value for its Partners.

ELMSFORD, NY – Affiliates of Harbor Group International and Azure Partners announced their joint venture for the $306 million acquisition of Avalon Green, a garden-style multifamily community in Elmsford, New York. HGI plans to implement a $9.2 million capital improvement program across the community to refresh amenities and common areas and modernize select interior units.
Built in three phases in 1995, 2012 and 2016, respectively, the property totals 617 units and features a mix of townhouses, apartment homes and stacked flats. A portion of HGI’s capital improvement program will focus on updating the interiors in Phase I and Phase II of the community to include contemporary finishes.
Located in Westchester County, Avalon Green offers residents convenient commuter access to nearby employment centers, including New York City, Rockland County and Fairfield County. The property is near Interstate 287 and Saw Mill River Parkway, and is a 10-minute drive to the region’s Metro-North train station, providing direct service to Manhattan and Stamford, Conn. Westchester County also features several notable corporate campuses, including IBM, PepsiCo, Mastercard, Morgan Stanley and Regeneron.
“Avalon Green is an attractive fit for HGI’s multifamily portfolio given its strategic location between several employment centers and transportation options along with the significant value-add potential of the community,” said Richard Litton, President, HGI. “We see long-term demand fundamentals for the Westchester area as renters seek housing in suburban markets.”
Amenities offered at the property include two saltwater swimming pools, a clubhouse and resident lounge and detached garages.

COLUMBIA, SC – Lincoln Avenue Capital, a mission-driven acquirer and developer of affordable housing, announced that it acquired Wyndham Pointe Apartments and will continue to reserve 100% of the units for low-income residents in the Columbia community.
“Lincoln Avenue Capital is proud to continue growing our nationwide affordable housing portfolio in communities where quality, sustainable homes are needed,” said LAC CEO Jeremy Bronfman. “This acquisition preserves affordable residences and improves the environmental profile of Wyndham Pointe.”
Columbia has limited affordable housing options for individuals and families. The statewide affordable housing crisis has created long waiting lists for housing relief and a financial burden for residents whose wages have not kept pace with escalating rents in South Carolina. Data shows that the cost of a one-bedroom apartment in Columbia increased 21% over the course of a year.
“Our investment will preserve the affordability of Wyndham Pointe for generations of Columbia residents to come,” said LAC Associate Brian Moloney. “We are excited to use this opportunity to create a more sustainable property.”
As part of Lincoln Avenue Capital’s commitment to sustainability and green building practices, the team is incorporating water saving fixtures into Wyndham Pointe. The upgraded water fixtures will reduce water usage on the property by up to 40%.
LAC worked with the South Carolina State Housing Finance and Development Authority (SC Housing) to ensure a safe transfer of ownership for long-term quality homes. The acquisition was financed through a loan from the National Equity Fund, which has supported previous LAC acquisitions across a wide range of national markets.
The property, originally built in 2007, includes 180 units and offers community amenities including an exercise room, clubhouse, business center with computer access, playground, and swimming pool.

MILPITAS, CA – MG Properties, a private San Diego-based real estate investor, owner, and operator purchased Eleanor Apartments, a 333-unit community Milpitas, CA for $193 million.
The community is in a premier Bay Area location defined by strong employment growth and desirability. Eleanor is a transit-oriented mixed use community with 10,000 sf of ground floor retail, completed in 2021. This luxury community has an attractive contemporary design and robust set of common area amenities, and residents can easily access a variety of walkable dining and entertainment options surrounding the property.
“We are pleased to be further growing our long-term presence in the Bay Area, a market that has strong potential for recovery after the impacts of the Covid crisis”, said Jeff Gleiberman, MG Properties’ President.
The sellers, SummerHill Apartment Communities, The Resmark Companies, and Kennedy Wilson, were represented by Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni, and Alexander Tartaglia from Institutional Property Advisors. Financing was provided by Fannie Mae and arranged by Brian Eisendrath and Cameron Chalfant of Institutional Property Advisors.