642-Unit Acquisition Brings Morgan Properties’ Fayetteville Portfolio to Five
Morgan Properties has acquired two Class A apartment communities totaling 642 units in Fayetteville, NC. Both properties, Westlake at Morganton and The Preserve at Grande Oaks, were purchased from Walker & Dunlop.
With the addition of these two communities, Morgan Properties now owns and operates five apartment communities encompassing 1,530 units in Fayetteville, with additional communities in Raleigh, Charlotte and Salisbury. This acquisition brings the company’s current total portfolio to over 93,000 units nationwide.
“Since our entry into NC in 2016, we’ve seen tremendous success in the Sunbelt region and continue to be opportunistic about acquisitions that increase Morgan Properties’ presence in these states,” said Jonathan Morgan, president of Morgan Properties JV.
Morgan Properties plans to execute $7 million in improvements to the 2007-vintage communities, including interior upgrades and smart home technology, clubhouse, dog park and grilling patios.
Fayetteville is home to Fort Bragg, the largest military base in the US.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.