Morgan Properties has paid $501 million for more than 3,000 apartments across eight states, significantly boosting its Midwest holdings in the U.S. multifamily sector’s largest deal of early 2025.
Conshohocken, Pennsylvania-based Morgan bought the 11-property, 3,054-unit portfolio from Chicago investor Trilogy Real Estate Group, Morgan said Friday in a statement.
With the deal, Morgan said its holdings surpassed 100,000 apartments nationally. Morgan said the firm is the nation’s largest private owner of multifamily complexes with more than 360 properties across 22 states throughout the country.
The deal was completed at a time of continued high borrowing costs, inflation, worries about a prolonged tariff war and other economic challenges.
Morgan said the size of the 40-year-old firm’s portfolio has more than doubled over the past six years to cross the 100,000-unit threshold for the first time.
In another big portfolio deal, Morgan last year acquired an 11-property, 3,434-unit portfolio in Pennsylvania from DePaul Management Co.
The deal with Trilogy included properties in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma and Tennessee.
Morgan said it plans enhancements to the portfolio’s interiors and on-site amenities to push up rents. Buildings in the portfolio were completed between 1989 and 2018.
“Surpassing 100,000 units is a defining moment,” co-presidents Jonathan and Jason Morgan said in the statement. “As we continue to strategically expand our national portfolio, we remain selective and opportunistic in this environment.”
Morgan’s deal is the country’s largest multifamily transaction so far in 2025, according to CoStar data.
CoStar News first reported in October that Trilogy had hired Newmark brokers to sell 10 of the properties. The deal with Morgan was expanded to include the 209-unit Crescent Centre at 657 S. Third St. in Louisville, Kentucky.
Other properties in the deal were:
- Park Laureate Apartments, 2050 Stony Brook Drive, Louisville; 272 units.
- NoCa Blu, 2340 N. California Ave., Chicago; 138 units.
- Bradford at Easton, 4150 Silver Springs Lane, Columbus, Ohio; 324 units.
- Central Park Apartments, 105 Radio City Blvd., Columbus; 292 units.
- Reflection Cove, 13992 Reflections Drive, Ballwin, Missouri; 194 units.
- Residents at the Streets of St. Charles, 1650 Beale St., St. Charles, Missouri; 309 units.
- Waterchase Apartments, 3100 Waterchase Way, Wyoming, Michigan; 386 units.
- Villas at Bailey Ranch, 8751 N. 97th East Ave., Owasso, Oklahoma; 408 units.
- Waterford Place Apartments, 8037 Waterford Circle, Memphis, Tennessee; 320 units.
- Pointe at St. Joseph, 307 E. Lasalle Ave., South Bend, Indiana; 202 units.
For the record
Newmark brokers Adam Spies, Josh King, Douglas Harmon, Adam Doneger, Marcella Fasulo, Michael Collins, Liz Gagliardi, Chuck Johanns, George Skaff, Blake Pera, Matt Newcomer, Christian Zaciewski, Tim McKay, Brandon Lamb and Carter Stephens represented the seller. Walker & Dunlop brokers Dane Wilson, Ross Wettersten and Steve LaMotte Jr. were involved in the Crescent Centre sale.