Wissahickon Park Apartments is one of 11 multifamily communities acquired in Pennsylvania.
Wissahickon Park Apartments on East Main Street in Lansdale has been acquired by Morgan Properties, owner of Main Street Apartments and Forge Gate Apartments in Towamencin Township, as one of 11 new Pennsylvania acquisitions by the real estate company.
According to a release, the 11 properties were acquired by the Conshohocken real estate investment company from original developer and owner, The DePaul Management Company, bringing an additional 3,434 apartment units into Morgan Properties’ portfolio.
All in all, the company owns and manages more than 56 communities and 14,000 units in the Philadelphia and Pittsburgh suburbs, the Lehigh Valley, Reading, and Harrisburg.
Other acquisitions include Quakertown West Apartments (Quakertown), Blair Mill Village East (Horsham), Blair Mill Village (Horsham), Congress Apartments (Allentown), South Mountain Apartments (Allentown), Antietam Arms (Reading), Mount Penn Manor Apartments (Reading), Hanover Manor Apartments (Carlisle), Carlwynne Manor (Carlisle), and Presidential Arms (Allison Park).
"As Morgan Properties continues to expand its national footprint, we remain deeply committed to our Pennsylvania roots," said Jonathan Morgan, president of Morgan Properties JV. "The DePaul acquisition directly supports our strategic goal of acquiring large multifamily portfolios with high barriers to entry where our market concentration will enable us to achieve operational efficiencies and capitalize on economies of scale. We look forward to maximizing these assets through our professional management expertise and executing our value-add repositioning strategy."
According to the company, it plans to invest more than $80 million in physical upgrades to the 11 communities over the coming years to enhance the resident experience. Capital plans will address kitchen, bath, and common area renovations, installation of in-unit washers and dryers, lighting, security, and landscape improvements, roof replacements and parking lot repairs, and the installation of high-efficiency heating systems.
Additionally, amenity and common area enhancements will include fitness center upgrades and expansions, installation of exterior dog parks and pet wash stations, Amazon package hubs, playgrounds, pickleball courts, and outdoor grilling islands, according to the release.
