Morgan Properties Buys into the Build-to-Rent Sector
Morgan Properties owns over 345 apartment communities and 93,000 units. But up until last week, the Pennsylvania-owned company had never owned one build-to-rent unit. The company has acquired parcHaus at Skyline, a 135-unit single-family rental community in McKinney, Texas.
The property has been renamed Elevate at Skyline, and Morgan Properties President Jonathon Morgan says the timing is right to branch out, “While multifamily investments remain our core focus, we also see immense opportunity in partnering with developers in the build-to-rent market and capitalizing on the growing opportunity among renters for single-family homes that allow for more space and privacy.”
Located just outside the Dallas-Fort Worth area, Elevate at Skyline has easy access to Highway 380 and I-75, and is near The Raytheon Campus and Allen Premium Outlets, as well as local and international airports.
Besides the new build-to-rent acquisition, Morgan owns two other multifamily communities in Texas.
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.