
Morgan Properties Adds 3,000 Apartment Units in Chicago, Indy Markets for $410M
Morgan Properties said Monday it had acquired two portfolios totaling eight apartment communities and 2,986 units in Illinois and Indiana for a combined $410 million. The King of Prussia, PA-based owner-operator now owns and operates 2,035 units in Illinois, 3,692 units in Indiana and more than 95,000 units nationwide.
The Illinois portfolio includes The Lakes of Schaumburg in Schaumburg (428 units), Blackhawk Apartments in Elgin (371) and The Gates of Deer Grove in Palatine (204). The Indianapolis portfolio includes The Boardwalk at Westlake (1,381 units), Parkside at Castleton Square (190), Lakeside Crossing at Eagle Creek (166), The Elliott at College Park (126) and The Preserve on Allisonville (120).
“We are excited to enter the Indianapolis market and further expand our existing Chicago portfolio,” said Jason Morgan, president of Morgan Properties Special Situations. “Growing our presence in the Midwest provides us with the necessary scale to quickly deploy our value-add strategies.”
Pictured: The Lakes of Schaumburg.
- ◦Sale/Acquisition