Updated Sep 17, 2026
Jonathan Morgan And Jason Morgan Of Morgan Properties Acquire Multifamily Asset In Cordova For $56.5M
9135 Morning Ridge Road
$56,500,000
Units
500
Asset Type
MultiFamily
Closing
Sep 16, 2026
About this deal
AI
The multifamily property located at 9135 Morning Ridge Road in Cordova, TN, comprises 32 acres and features 500 units. The asset was acquired for $56.5 million, equating to a price per unit of $113,000. The property includes over 450,000 square feet of rentable space.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $56,500,000
- Units: 500
- Price Per Unit: $113,000
- Address: 9135 Morning Ridge Road, Cordova, TN
- Market: Cordova, TN
- Seller: Scott Schaeffer - Independence Realty Trust
- Buyer: Jonathan Morgan & Jason Morgan - Morgan Properties
In this transaction, Morgan Properties, represented by Jonathan Morgan and Jason Morgan, acquired the property from Scott Schaeffer, who represented Independence Realty Trust. The acquisition adds a significant asset to Morgan Properties’ portfolio in the region.
On the Map
$56,500,000
MultiFamily
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Players
Centereach MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93