Lehigh Valley apartment complexes part of large acquisition

The Congress Apartments in Allentown were recently sold to Morgan Properties as part of an 11-property deal. (Courtesy of Morgan Properties)

One of the nation’s largest apartment building owners has purchased two Lehigh Valley complexes.

Morgan Properties announced Monday that it has acquired Congress Apartments and South Mountain Apartment Homes, both in Allentown, as part of an 11-property portfolio from the DePaul Management Co.

“As Morgan Properties continues to expand its national footprint, we remain deeply committed to our Pennsylvania roots,” said Jonathan Morgan, president of Conshohocken, Montgomery County-based 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.”

Matthew Stefanski and Zachary Pierce of Berkadia’s Philadelphia Office brokered the transaction. A sales price was not available.

Congress Apartments, on Congress Street in east Allentown, has 548 units. South Mountain, on Prospect Avenue just off of Emmaus Avenue, has 237 units.

Other parts of the purchase included Quakertown West, which includes 264 units, and Wissahickon Park in Lansdale with 343 units.

Overall, Morgan Properties acquired more than 3,400 units across the state. It brings the company’s portfolio to 14,000 units in 56 communities nationwide.

Morgan Properties said it plans to invest more than $80 million in physical upgrades to the communities over the coming years. 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.