Pennsylvania Company Buys 2 Slidell Apartments as Part of $1.75B Deal
KING OF PRUSSIA, Pa.- Morgan Properties announced that it has acquired, in partnership with Olayan America, a portfolio of 48 apartment communities and 14,414 units in 11 states for $1.75 billion.
The deal includes the Villa Du Lac and Harborside Apartment Homes in Slidell.
The Morgan Properties and Olayan America joint venture purchased the North Star Portfolio (“North Star”) from STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust. The North Star acquisition is Morgan Properties’ largest deal since acquiring the Morgan Communities portfolio of 95 apartment communities and 17,500 units in 8 states for $1.9 billion in 2019.
“The North Star investment is a strategic transaction for Olayan America, and provides access to some of the best multifamily markets in the nation. It speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” said Erik Horvat, managing director and head of real estate at Olayan America. “Olayan America prides itself on its ability to move quickly and capitalize on these unique investment opportunities.”
Since 2014, Morgan Properties and Olayan America have closed 13 transactions (for $4.3 billion in total acquisition volume) to acquire a workforce housing portfolio of over 110 properties and 35,000 units in 14 states, all of which are managed and operated by Morgan Properties. In October of 2020, Morgan Properties and Olayan America bought the Threshold Portfolio, an 18-property, 3,256-unit multifamily portfolio in the Carolinas for $323 million.