Morgan Properties Enters the Build-to-Rent Space
May 02, 2022, at 02:04 PM
The firm has purchased a newly-constructed, single-family rental community outside of Dallas, representing its first BTR acquisition.
MCKINNEY, TX – National real estate investment and management company Morgan Properties has entered into the build-to-rent space with the purchase of a newly-constructed, 136-unit, single-family rental community in McKinney, TX.
The transaction represents Morgan Properties’ first build-to-rent acquisition and its third rental community in Texas.
“For nearly four decades, Morgan Properties has been predominantly focused on acquiring larger class B multifamily portfolios where we can bring our value-add expertise and create operational efficiencies,” says Jonathan Morgan, president of Morgan Properties JV. “While these opportunistic multifamily investments remain our core focus, we also see immense opportunity in partnering with developers in the build-to-rent market and capitalizing on the growing popularity among renters for single-family homes that allow for more space and privacy.”
The firm acquired the luxury, build-to-rent community, parcHaus at Skyline, from Dallas-based Provident Realty Advisors. Morgan Properties will rebrand the community as Elevate at Skyline.
Situated outside of the Dallas-Fort Worth area, Elevate at Skyline features one-, two- and three-bedroom units. The homes offer private backyards, smart thermostats and locks, energy-star appliances, in-unit washer and dryers, and modern finishes. The gated community also offers a pickleball court, a pool, a dog park, a business center, and covered garage parking.
The community offers direct access to Highway 380 and Interstate 75, and it is located near shopping destinations and business centers, such as the Raytheon Campus and Allen Premium Outlets, as well as local and international airports.
“Single-family rental homes are in high demand in the Dallas-Fort Worth area, specifically in towns that boast a desirable quality of living, upper-echelon school districts, and a robust employer base like McKinney, TX,” states Jason Morgan, principal and president of Morgan Properties special situations. “This made acquiring Elevate at Skyline an easy decision for us, and one that will jumpstart our future interest in diversifying our portfolio through single-family rental communities, all while continuing to grow our presence in the thriving Sun Belt region.”