Source: Morgan Properties / #Multifamily #Apartments
KING OF PRUSSIA, PA - Morgan Properties announced that it has completed the acquisition of the Silk Factory Lofts, a 116 unit apartment community located in the heart of Lansdale, Pennsylvania.
Originally constructed in 1922 as the Interstate Hosiery Mill, Silk Factory Lofts had produced nearly 5% of the country’s silk stockings until the 1940s. In 2004, the property was added to the National Registry of Historic Places. Silk Factory Lofts was renovated in 2008 as an historic rehabilitation and converted into loft-style apartments. Each apartment features upscale, modern finishes. The previous lender GE Capital sold the non-performing loan to a joint venture between Morgan Properties and CBRE Capital Partners.
Morgan Properties has recently expedited the path to owning the property, claiming the asset through a sheriff sale in an auction process. Silk Factory Lofts marks the second distressed note purchase that Morgan Properties has consummated over the last twelve months in the Greater Philadelphia Region.
Morgan Properties is very active in pursuing compelling distressed debt investments in multifamily assets within its Core Markets, comprised of Philadelphia, New York-New Jersey and the Baltimore-DC Corridor. “As a Best-in-Class owner and operator of Class B Apartments, Morgan Properties is currently well positioned to expand our distressed debt investment platform,” said Jonathan Morgan, Director of Acquisitions. “We target acquisitions where we have an attractive going in basis and can capitalize on getting control of the real estate and implementing a value-add repositioning strategy.”
“Silk Factory Lofts is a perfect fit for Morgan given our strong market presence in Lansdale, where we own and operate over 1,000 units and are currently one of the largest landlords in the region,” continued Morgan. Silk Factory Lofts is the fourth acquisition that Morgan Properties has closed in 2012.
Morgan Properties currently owns and manages 120 apartment communities with over 30,000 units in the Mid-Atlantic and Northeast Region.