Morgan Properties, Olayan America buy $1.75B multifamily portfolio

Sellers are El-Ad National Properties and Yellowstone Portfolio Trust

National Weekend Edition /
Feb.February 28, 2021 02:00 PM
Mitchell Morgan and one of the properties (Morgan Properties)

Mitchell Morgan and one of the properties (Morgan Properties)

Morgan Properties and Olayan America have purchased a portfolio of 48 U.S. multifamily properties for $1.75 billion.

The seller was STAR Real Estate Ventures, a joint venture of El-Ad National Properties LLC and Yellowstone Portfolio Trust, according to a press release from Morgan and Olayan. It is Morgan’s largest acquisition since the Pennsylvania-based firm bought 95 multifamily properties for $1.9 billion two years ago.

The 48 properties have 14,414 units, including 2,566 outside Baltimore and 1,972 in the Tampa-St. Petersburg area.

The portfolio spans 11 states, including six where Morgan already owns multifamily properties: North Carolina, South Carolina, Illinois, Ohio and Maryland. The portfolio deal marks Morgan’s first acquisitions in Florida, Texas, Georgia, Louisiana and Michigan.

Morgan and Olayan plan to spend about $100 million on renovations and upgrades to the properties, the average age of which is 35 years.

Morgan Properties plans to open a regional office in Boca Raton, Florida, to help manage the portfolio. The acquisition also saw Morgan bring on 400 employees and create around 70 new corporate positions.

STAR Real Estate Ventures joins other multifamily landlords in offloading holdings recently. Radco has sold more than half of the 59 multifamily properties it has purchased over the last decade in order to build up some cash for what CEO Norman Radrow last fall called “a new and interesting cycle that will be coming next year.”


Related Articles

arrow_forward_ios
Scott Minerd and Biscayne Beach PH5101(left) and PH5102 (Twitter, Douglas Elliman)
Guggenheim C-suite exec to relocate to Miami after buying penthouses at condo tower
Guggenheim C-suite exec to relocate to Miami after buying penthouses at condo tower
The Goodtime Hotel with Pharrell Williams and (from top) David Grutman, Michael D. Fascitelli and Eric Birnbaum (Getty, Alice Gao)
Pharrell’s Goodtime Hotel opens in Miami Beach
Pharrell’s Goodtime Hotel opens in Miami Beach
Troy Martin Cox and 5191 Pine Tree Drive, Miami Beach (Google Maps)
Former biotech CEO buys waterfront home on Pine Tree Drive for $12M
Former biotech CEO buys waterfront home on Pine Tree Drive for $12M
Continental Realty Corp. CEO J.M. Schapiro. and The Shoppes at Sherbrooke’s anchor, LA Fitness
Continental Realty buys LA Fitness-anchored shopping center near Wellington
Continental Realty buys LA Fitness-anchored shopping center near Wellington
Kolter Urban President Bob Vail. (Levy PR, Kolter Urban)
Kolter Urban launches sales of Fort Lauderdale Beach condo towers
Kolter Urban launches sales of Fort Lauderdale Beach condo towers
Jim Clark and 120 Jungle Road in Palm Beach (Getty, Douglas Elliman)
Netscape billionaire Jim Clark sells Palm Beach estate for $30M
Netscape billionaire Jim Clark sells Palm Beach estate for $30M
Larry Ellison and 12525 Seminole Beach Road (Getty, Elliman, iStock)
Billionaire Larry Ellison plans to knock down $80M mansion
Billionaire Larry Ellison plans to knock down $80M mansion
Coral Falls at 2801 Northwest 91 Avenue with Landmark Companies principals Michael Gottlieb, Eric Harvitt, and Joel Schwartz (Google Maps)
Landmark Cos. buys Coral Springs apartments for $40M
Landmark Cos. buys Coral Springs apartments for $40M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...