INDIANAPOLIS, IN - Morgan Properties, one of the nation’s top three multifamily owners, announced 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.
“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.