CONSHOHOCKEN, PA - Morgan Properties announced the landmark acquisition of Dream Residential Real Estate Investment Trust (REIT) for $354 million. This cross-border transaction resulted in a successful acquisition and privatization of a publicly-traded Canadian REIT, while adding 15 communities totaling 3,300 units across key MSAs in Texas, Ohio, Kentucky, and Oklahoma.
Under the leadership of Co-Presidents, Jonathan and Jason Morgan, Morgan Properties is one of few organizations equipped to take a public company private.
“In pursuing the Dream transaction, Morgan Properties leveraged off of our strong balance sheet and our expertise in executing complex, structured transactions to accommodate the specific needs and timeframe of Dream Residential REIT's Unitholders and Board of Trustees,” said Jonathan and Jason Morgan, Co-Presidents of Morgan Properties. “Morgan Properties has a proven track record in closing these complicated transactions given our unique ability to provide sellers with execution certainty. Our contrarian investment strategy targets large one-off and institutionally sized portfolios without institutional competition. While our regional competition is capital constrained and institutional investors are chasing flight to quality investment opportunities, we intend to capitalize on institutionally sized workforce housing investment opportunities with significant barriers to entry. In 2025, Morgan Properties has acquired $1.5 billion comprised of over 14,000 units.”
The Dream acquisition comes on the heels of a stellar acquisitions year in 2025, which saw the company surpass 110,000 units during its 40th anniversary.
“We are excited to build off our momentum and continue to strategically grow our portfolio. As we do with every acquisition, we look forward to leveraging off our operational expertise and economies of scale to improve these communities and create long-term value for both our residents and investors.”
The company will reinvest $58 million in interior, exterior enhancements and amenity upgrades over the fifteen communities, which range in vintage from 1968 to 2002. Morgan Properties has acquired over 80 properties and hired 250 site-team members this year and the company is planning to invest $200 million in capital improvements on its recent acquisitions.
Source: Morgan Properties