KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--Oct 25, 2023--
Morgan Properties, one of the nation’s top three multifamily owners, announced today it has acquired Astoria Park Apartments, a 470-unit apartment community located in Indianapolis, IN. With the addition of this community, Morgan Properties expands its Indianapolis portfolio to over 2,500 units.
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Astoria Park Apartments is a 470-unit apartment community located in Indianapolis, IN (Photo: Business Wire)
“This strategic addition is a testament to Morgan Properties’ ongoing commitment to enhancing our portfolio through thoughtful acquisition,” said Jonathan Morgan, President of Morgan Properties JV. “By investing in newer properties in growing markets, we are not only bolstering our presence but also delivering unparalleled value to our residents. This aligns with our vision to set new standards of excellence through customer service, innovation, operational efficiencies, and capital improvements.”
The community is located within the fast-growing and high-income Hendricks County and is proximate to significant high-wage employers and universities. Situated on the west side of Indianapolis near the scenic Eagle Creek Park and Reservoir, Astoria Park Apartments is adjacent to various outdoor activity spaces for sports, cross-country skiing, hiking trails, and more.
“The Midwest continues to be one of the most stable and attractive markets for multifamily investment, with steady population growth, affordable cost of living, and business-friendly policies,” said Jason Morgan, President of Morgan Properties Special Situations and Principal. “Astoria Park Apartments is a strong addition to our rapidly growing Indianapolis portfolio as we remain confident in the long-term outlook across the Midwest region."
Situated beside beautiful lakes and lush landscaping, Astoria Park Apartments features community amenities such as an outdoor pool and poolside patio, fitness center, tennis courts, a fenced-in playground, dog park and pet washing station, and more. In-unit features include upgraded kitchens and appliances, large closets, and private patios or balconies. To further elevate the living experience for residents, Morgan Properties plans to invest nearly $4 million into renovations, including upgrading unit interiors, expanding amenities, and integrating smart home technology.
About Morgan Properties:
Established in 1985 by Mitchell Morgan, Morgan Properties is a national real estate investment and management company headquartered in King of Prussia, Pennsylvania, with corporate offices in Rochester, New York, and Boca Raton, Florida. Jonathan and Jason Morgan represent the next-generation leaders growing the platform and overseeing the business operations. Morgan Properties and its affiliates own and manage a multifamily portfolio comprising over 90,000 units across more than 340 communities in 19 states. The company is the nation’s largest private multifamily owner and the third-largest apartment owner in the country. With over 2,400 employees, Morgan Properties prides itself on its quick decision-making capabilities, strong capital relationships, and proven operational expertise.
Learn more about Morgan Properties at morganproperties.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20231025463648/en/
CONTACT: Press Contact:
Britni Ackrivo
backrivo@gregoryfca.com
484-504-9920Company Contact:
Michael Hand
mhand@morganproperties.com
484-690-2392
KEYWORD: UNITED STATES NORTH AMERICA INDIANA PENNSYLVANIA
INDUSTRY KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Morgan Properties
Copyright Business Wire 2023.
PUB: 10/25/2023 08:03 AM/DISC: 10/25/2023 08:04 AM
http://www.businesswire.com/news/home/20231025463648/en
