Top three apartment owner in country adds a new, single-family rental community to its rapidly growing portfolio, expands presence in Dallas-Fort Worth
KING OF PRUSSIA, Pa.–(BUSINESS WIRE)–Morgan Properties, one of the nation’s top three multifamily owners, announced today it has acquired parcHaus at Skyline, a brand-new, 136-unit single-family rental community in McKinney, Texas. It purchased the luxury Build-to-Rent community from Dallas-based Provident Realty Advisors. Rebranded Elevate at Skyline, this transaction represents Morgan Properties’ first Build-to-Rent acquisition and its third rental community in Texas.
“For nearly four decades, Morgan Properties has been predominantly focused on acquiring larger Class B multifamily portfolios where we can bring our value-add expertise and create operational efficiencies,” said Jonathan Morgan, President of Morgan Properties JV. “While these opportunistic multifamily investments remain our core focus, we also see immense opportunity in partnering with developers in the build-to-rent market and capitalizing on the growing popularity among renters for single-family homes that allow for more space and privacy.”
Located right outside the Dallas-Fort Worth area, Elevate at Skyline is situated in an ideal location with direct access to Highway 380 and I-75. Residents are in close proximity to popular shopping and business centers including The Raytheon Campus and Allen Premium Outlets, local and international airports, and state-of-the-art healthcare facilities.
Elevate at Skyline offers one-, two-, and three-bedroom homes and is the perfect community for renters looking for more space and privacy than a multifamily community without the hassle of homeownership. These newly-constructed homes feature private backyards, smart thermostats and locks, energy-star appliances, in-unit washer and dryers, and modern design finishes. Elevate at Skyline’s gated community is highly amenitized and offers covered and garage parking, a pickleball court, pool, dog park, business center, and more.
“Single-family rental homes are in high demand in the Dallas-Fort Worth area, specifically in towns that boast a desirable quality of living, upper-echelon school districts, and a robust employer base like McKinney, Texas,” said Jason Morgan, President of Morgan Properties Special Situations & Principal. “This made acquiring Elevate at Skyline an easy decision for us, and one that will jumpstart our future interest in diversifying our portfolio through single-family rental communities, all while continuing to grow our presence in the thriving Sun Belt region.”
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. Jonathan and Jason Morgan represent the next-generation leaders growing the platform and overseeing the business operations. Morgan Properties and its affiliates currently own and manage a multifamily portfolio comprised of 345 apartment communities and over 93,000 units located in 19 states. The Company is among the three largest multifamily owners in the nation and the largest in Pennsylvania, Maryland, and New York. With over 2,300 employees, Morgan Properties prides itself on its quick decision-making capabilities, strong capital relationships and proven operational expertise.
Learn more about Morgan Properties at www.morganproperties.com.
Contacts
Press:
Britni Ackrivo
backrivo@gregoryfca.com
484-504-9920
Company:
Michael Hand
mhand@morganproperties.com
484-690-2392
