A partnership of Morgan Properties and Olayan America has acquired a portfolio of 48 apartment communities and 14,414 units in 11 states for $1.75 billion. The Morgan/Olayan joint venture purchased the North Star Portfolio from STAR Real Estate Ventures, a JV between El-Ad National Properties, LLC and Yellowstone Portfolio Trust.
The North Star acquisition is reportedly the largest multifamily transaction this year. Jonathan Morgan, president of King of Prussia, PA-based Morgan Properties JV, said the transaction establishes Morgan Properties as “the second-largest multifamily owner in the country and the nation’s largest private owner.”
Further, he said it was “a testament to our conviction in the fundamentals of class B multifamily.”
With the North Star deal, the Morgan/Olayan partnership entered five new states: Florida, Texas, Georgia, Louisiana and Michigan. Other properties in the portfolio are located in North Carolina, South Carolina, Illinois, Indiana, Ohio and Maryland.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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