Morgan Properties enters Florida with portfolio deal

Pennsylvania apartment investor bought four complexes in Tampa Bay for $241 million as part of 11-state transaction, records show.

  • By Kevin McQuaid
  • | 11:30 a.m. April 9, 2021
  • | 0 Free Articles Remaining!
COURTESY PHOTO — Tuscany Pointe at Tampa was one of four apartment complexes that Morgan Properties acquired in the Tampa Bay area for $241.6 million earlier this year.
COURTESY PHOTO — Tuscany Pointe at Tampa was one of four apartment complexes that Morgan Properties acquired in the Tampa Bay area for $241.6 million earlier this year.
  • Commercial Real Estate
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As part of the largest apartment portfolio purchase in a year in the U.S., Morgan Properties and Olayan America spent $241.62 million to buy four Tampa Bay multifamily complexes, property records indicate.

The $1.75 billion deal gave Morgan, the largest privately held owner of apartments nationwide with 90,000 units, entry into five new states — Florida, Georgia, Texas, Michigan and Louisiana.

 

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