Jonathan Morgan And Jason Morgan Of Morgan Properties Acquire Multifamily Portfolio From Neil Gehani For $501M
$501,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Apr 4, 2025
AI
The transaction involved a multifamily portfolio with a total sale price of $501,000,000. It encompasses 3,054 apartment units distributed across 11 communities located in multiple states, including Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma, and Tennessee.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $501,000,000
- Buyer: Jonathan Morgan & Jason Morgan - Morgan Properties
- Seller: Neil Gehani - Trilogy Real Estate Group
- Brokers: Newmark & Walker & Dunlop
- Number of Units: 3,054
- Number of Communities: 11
- States Involved: Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma, Tennessee
Morgan Properties, represented by Jonathan Morgan and Jason Morgan, has acquired the portfolio from Trilogy Real Estate Group, which is represented by Neil Gehani. The acquisition reflects Morgan Properties' strategy to implement value-add upgrades across its newly acquired portfolio, which contributes to their impressive ownership of over 100,000 units nationwide across 360 communities in 22 states.
Players
Market MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93