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Morgan Properties acquired The Lakes of Schaumburg and two other Chicago-area apartment properties as part of a $410-million acquisition in the Midwest

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. 


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Morgan Properties

About Paul Bubny

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 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).

  • ◦Sale/Acquisition
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