Morgan Properties, the nation’s largest private owner of multifamily communities, announced today its entry into Kentucky with the $39 million acquisition of Blankenbaker Crossings, a 236-unit garden-style apartment community in Louisville.
Kentucky is now the 20th state in Morgan Properties’ rapidly growing portfolio, solidifying the company’s presence as a leader in multifamily and marking a strategic expansion into one of the Heartland region’s most promising markets. Craig Collins and Mike Kemether with Cushman and Wakefield brokered the transaction.
“Entering Kentucky and adding the 20th state to our growing portfolio is a pivotal way to kick off Morgan Properties 40th-anniversary year,” said Jonathan Morgan, Co-President of Morgan Properties and President of Morgan Properties JV. “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.”
Blankenbaker Crossings offers convenient access to public transportation, major employment hubs such as UPS, Norton Healthcare, and Ford Motor Co., and local Louisville attractions like Waterfront Park and a thriving dining and entertainment scene. Built in 2005-2006, the property maintains a 96% occupancy rate and provides a significant repositioning opportunity, as most units remain in original condition.
“Expanding into Kentucky is a natural extension of our robust footprint in neighboring states like Ohio and Indiana,” said Jason Morgan, Co-President of Morgan Properties and President of Morgan Properties Special Situations. “Blankenbaker Crossings presents a compelling opportunity to bring our proven professional management expertise and value-add repositioning strategies to a new, highly desirable market while capitalizing on Louisville’s strong rent growth and economic stability.”
Established in 1985 by Mitchell Morgan, Morgan Properties is a national real estate investment and management company headquartered in Conshohocken, Pennsylvania, with a corporate office in Rochester, New York. Jonathan and Jason Morgan represent the next-generation leaders growing the platform and overseeing the business operations. Morgan Properties and its affiliates own and manage a multifamily portfolio comprising over 97,000 units across more than 350 communities in 20 states. The company is the nation’s largest private multifamily owner and the third-largest apartment owner in the country. With over 2,500 employees, Morgan Properties prides itself on its quick decision-making capabilities, strong capital relationships, and proven operational expertise.
