Conshohocken’s Morgan Properties, the third-largest apartment owner in the country, is growing again, writes Leslie Shaver for Multifamily Dive.
Last week, the company announced that it will acquire Toronto-based Dream Residential REIT in a deal valued at roughly $354 million.
The purchase adds 3,300 apartment units across 15 properties in Texas, Ohio, Kentucky, and Oklahoma to Morgan’s expansive portfolio. Under the agreement, Dream Residential unit holders and DRR Holdings LLC unit holders will each receive $10.80 per unit.
Dream Residential’s board unanimously recommended the sale after a strategic review determined the purchase offered the best value to shareholders.
“We are pleased with today’s announcement, which will bring a successful conclusion to the REIT’s strategic review,” said Vicky Schiff, chair of Dream Residential REIT.
For Morgan Properties, the move builds on an already busy year. In April, the company purchased an additional 3,054 units across 11 assets in eight Midwest states, pushing its portfolio to over 100,000 units.
Co-presidents Jonathan and Jason Morgan said they are eager to integrate the new communities and enhance the properties.
Read more about Morgan Properties’ new acquisition in Multifamily Dive.
