Morgan Properties, the Conshohocken, PA-based multifamily property owner, said it was expanding its footprint into Kentucky with its $39 million purchase of a 236-unit apartment community.
Morgan said it purchase of Blankenbaker Crossings in Louisville makes Kentucky the 20th state in its growing portfolio. Located near major employment hubs like UPS, Norton Healthcare and Ford Motor Co., as well as near local attractions like Waterfront Park and the city’s downtown dining and entertainment hub, the property maintains a 96 percent occupancy rate. Morgan said it plans to invest $2.1 million into renovations and upgrades to the units, including work on kitchens and bath, the addition of washers and dryers, and the installation of smart apartment features. The property will also add amenities like a pickleball court, dog parks, and Amazon package hubs.
“Entering Kentucky and adding the 20th state to our growing portfolio is a pivotal way to kick off Morgan Properties 40th-anniversary year,” Jonathan Morgan, co-president of Morgan Properties and President of Morgan Properties JV, said. “As a company, Morgan Properties remains bullish on the Midwest and will continue to strategically identify opportunities where we can leverage our four decades of success in multifamily to enhance the living experience for residents in high-growth markets here and across the country.”
Morgan Properties is a national real estate investment and management company that owns and manages a multifamily portfolio of more than 97,000 across more than 350 communities in 20 states. It is the largest private multifamily owner and the third-largest apartment owner in the country.