KING OF PRUSSIA, PA - Morgan Properties, one of the country’s largest real estate investment and management companies, announced today it has acquired Madison Montgomery, a 264-unit apartment and townhome community in Hatfield, Pennsylvania, from Equus Capital Partners, Ltd. for $38.5 million. The 18-acre property is located at 2701 Elroy Road in Montgomery County.
Rebranded by Morgan Properties to Montgomery Manor Apartments & Townhomes, the community is strategically positioned three miles from the Lansdale Northeast Extension Interchange and in close proximity to SEPTA’S Lansdale Station, providing easy access to major employment, dining, and shopping destinations in the surrounding area. Residents can choose from one-, two-, and three-bedroom apartments or townhomes and enjoy a 4,000-square-foot, centrally-located clubhouse that offers a fitness center, resident lounge, and business center as well as a resort-style pool with a sundeck and grilling areas. Every unit features energy-efficient appliances, a private entrance, large closets, individual climate control, and a full-size washer and dryer. The property underwent a complete $17.5 million transformation in 2008 by the previous ownership.
“Montgomery Manor is an exciting addition to our portfolio. The previous owner invested a great deal in exterior redevelopment, allowing us to acquire a beautiful community with the appearance you would expect of Class-A apartments and townhomes,” said Christine Beechan, area vice president of Morgan Properties. “We have plans to enhance the current amenity offerings as well as capitalize on the opportunity to add a few more of our signature amenities. Our focus is always the experience of our residents existing and new, and we will continue to operate with excellent customer service as we do at all of our communities.”
Morgan Properties has continued to rapidly expand its geographic footprint, solidifying itself as one of the nation’s largest and fastest-growing multifamily owners and operators. In the last year alone, Morgan Properties JV has secured over $800 million of multifamily investments in 21 apartment communities containing over 6,300 units. The company intends to continue growth as a major national player through acquiring Class B, multifamily assets in infill, high-barrier markets where Morgan Properties’ operational expertise can quickly add value for its investors and residents. Since its launch in 2011, Morgan Properties JV has been one of the most active investors in the Mid-Atlantic and Northeast regions and the company has hired 350+ employees to support the new acquisitions.