Harleysville Apartments Owner Buys IL, IN Properties
KING OF PRUSSIA PA – Morgan Properties, the King of Prussia-based real estate investment firm that owns Montgomery Woods Apartment Homes in Harleysville and Marchwood Apartment Homes in Exton, said Tuesday (Aug. 2, 2022) it bought eight apartment communities in Illinois (at top) and Indiana for a combined $410 million. The company now owns and operates more than 95,000 apartment units nationwide, it said.
The purchase continues to “strategically diversify (the company’s) geographic footprint beyond the Mid-Atlantic region,” according to President Jonathan Morgan. “We remain bullish on the fundamentals of the multifamily industry.”
The company added it plans to invest more $40 million in capital improvements across the just-purchased properties. The cost includes premium kitchen and bathroom upgrades with new decorative backsplashes, in-unit washer and dryer installations, new vinyl floors, community amenity enhancements, and advanced technology.
Photo of Illinois apartment homes provided by Morgan Properties