FAYETTEVILLE, NC - Morgan Properties, one of the nation’s top three multifamily owners, announced it has acquired two Class A apartment communities totaling 642 units in Fayetteville, North Carolina. Morgan Properties purchased Westlake at Morganton and The Preserve at Grande Oaks from Walker & Dunlop on behalf of Morganton Development. With the addition of these two communities, Morgan Properties now owns and operates five apartment communities encompassing 1,530 units in Fayetteville, with additional communities in Raleigh, Charlotte, and Salisbury. This acquisition brings the company’s current total portfolio to over 93,000 units nationwide.
“Since our entry into North Carolina in 2016, we’ve seen tremendous success in the Sunbelt region and continue to be opportunistic about acquisitions that increase Morgan Properties’ presence in these states,” said Jonathan Morgan, President of Morgan Properties JV. “While Class B has always been our niche, acquiring Class A communities in markets with high population growth and undersupply of multifamily housing, presents an exciting opportunity for Morgan Properties to bring our industry knowledge and top-notch customer service to new residents.”
Located one hour south of Downtown Raleigh, the historic town of Fayetteville is home to Fort Bragg, the largest military base in the United States with over 75,000 active soldiers, reserves, contractors, and civilian employees. With direct access to I-95 and close proximity to North Carolina’s three-largest cities, Fayetteville’s geographic location has attracted major companies like Cape Fear Valley Health Systems, Goodyear Tire Manufacturing Plant, and Mann + Hummel, all of which have become contributors to Fayetteville’s economic development.
“As the sixth largest city in North Carolina and home to the largest military base in the United States, Fayetteville has remained an attractive market for Morgan Properties since we acquired our first three communities there last year,” said Jason Morgan, President of Morgan Properties Special Situations & Principal. "We look forward to growing our presence in this attractive market and continuing to build our experience in Class A multifamily across the country.”
With an average vintage date of 2007, Westlake at Morganton and The Preserve at Grande Oaks are pet-friendly communities and feature Class-A amenities including a resort-style pool and fitness center with an on-site trainer, business center, entertainment lounge, a movie theater room, and more. The properties offer one-, two-, and three-bedroom, modern-style apartments with premium kitchens and baths, in-unit laundry, new appliances, spacious walk-in closets, and patios. Westlake at Morganton also offers its residents direct access to parking garages. Residents at both communities are in close proximity to popular destinations including Cross Creek Mall, Freedom Tower Center, and Fayetteville VA Medical Center.
Morgan Properties also plans to execute a $7 million value-add enhancement strategy to improve these apartment communities for its residents that will include interior upgrades and smart home technology. Planned community amenities include a new clubhouse, dog parks, patios for grilling, bike share program and more.