Pennsylvania-based Morgan Properties completed a three-property portfolio sale for $57.5 million, according to the Commercial Observer. The deal includes three garden-style communities, one each in Mahwah, Short Hills and Westwood.
THG Properties picked up the portfolio with help from Arbor Commercial Mortgage, which the Observer reported supplied a $44.4 million mortgage loan to help fund the acquisition. The loan is backed by Fannie Mae.
Brad Domenico of Progress Capital helped broker the financing, while Nat Gambuzza of CBRE brokered the portfolio sale.
The 76-unit Rolling Gardens Apartment Homes at 405 Franklin Turnpike in Mahwah is the largest of the three properties. Units in the building range from 850 to 1,000 square feet with one- and two-bedroom options, according to Apartments.com.
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The 51-unit Short Hills Village Apartments at 80 Woodland Road in Short Hills clocks in as the next largest. The building includes one- and two-bedroom units at an average of 803 square feet and 1,277 square feet, respectively, according to Apartments.com.
Finally, the 48-unit Westview Apartment Homes sit at 27-55 Green Street in Westwood. One- and two-bedroom units are available in this building too, though the units are smaller on average. According to Apartments.com, the square footage ranges from 658 to 716 square feet for one- and two-bedroom units, respectively.
Morgan has found itself on the other side of dealmaking in the recent past, responsible for a major purchase earlier in the year. The company, along with Olayan America, purchased a portfolio of 48 multifamily properties across the United States for $1.75 billion. The seller was STAR Real Estate Ventures and the deal marked the largest acquisition for Morgan in two years.
[CO] — Holden Walter-Warner