Morgan Properties Buys 500-Unit Memphis Rental Asset

A Morgan Properties affiliate bought a 500-unit apartment complex at 9135 Morning Ridge Road for $56.5 million. Independence Realty Trust was the seller. The Memphis Business Journal reports that Independence Realty purchased the property for $29.8 million in 2014.

Morgan Properties currently owns two local apartment communities in the Memphis area: Crescent at Wolfchase and Waterford Place Apartment Homes.

The Stonebridge Crossing Apartments property sits on about 32 acres in Cordova off of Highway 64 near the I-40 interchange and is just two miles from Wolfchase Galleria.

Stonebridge Crossing was originally built in 1994 and features one-, two-, and three-bedroom units, with rent starting at $990 per month. The site also includes a gym, swimming pool, tennis courts, and dog park. It’s 92% occupied.

Morgan Properties was established in 1985 and now has more than 430 multifamily communities across 22 states.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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