HOUSTON, TX - The Morgan Group, a leader in upscale multifamily development, construction and property management, has sold a 131-unit Class A age-restricted apartment community in Fullerton, California, to an institutional investment manager. The Morgan Group completed construction of the 6.1-acre Jacaranda property in 2010.
The age-restricted (55 and over) Jacaranda is distinguished by its lodge style/craftsman architecture and resort-like atmosphere suited to the affluent empty-nester. The property features a two-level clubhouse with game room, business center, craft room, catering kitchen, dining room with fireplace, and fitness center overlooking the swimming pool and spa. The unique apartment homes, which average around 1,000 square feet, have all the modern amenities you would expect in an upscale apartment community. Fullerton, one of California's oldest cities, is home to St. Jude Medical Center.
“When we put Jacaranda up for sale, we were just testing the market," said Chairman and CEO Mike Morgan. "We received multiple offers, however, and soon realized that the market was hot for multifamily properties in Southern California. We continue to be interested in California development. In addition to owning and managing over 1,000 units from San Diego to Los Angeles, we have been working on a mixed-use development in downtown Fullerton as part of a public/private partnership.“
The Morgan Group, Inc. is a privately held national developer of Class A multifamily properties with headquarters in Houston, Texas, and offices in California and Florida. Founded in 1959, Morgan also specializes in upscale urban construction and property management. Since 1988, The Morgan Group has developed more than 15,000 units at a cost of more than $1.5 billion. More than 1,000 units are in the planning or construction stages in Texas and Florida.