Author: ipgocorp

NEW ORLEANS, LA – 365 Connect, a leading provider of award-winning marketing, leasing, and resident technology platforms for the multifamily housing industry, announced today the release of a comprehensive industry study on the utilization of resident services in affordable housing. The study, Affordable Multifamily Rental Housing Resident Services – Twenty-First-Century Solutions, brings into focus the future of delivering services through web-based platforms.

The study encompasses extensive research related to the state of the affordable housing industry and the pressing need to evolve the delivery of compliance-required resident services. It explores the complexities of on-site programs, which have a history of poor attendance and high maintenance costs, before proposing how technology platforms can be leveraged to reduce this costly burden and generate more affordable housing units to better serve residents.

Kerry W. Kirby, CEO of 365 Connect stated, “The supply of affordable rental units has not kept pace with the significant demand in the market. Due to fluctuations in the tax credit market, costs of meeting compliance requirements, restrictions on rent, and continuously increasing operating expenses, developers are building new rental units designed for the upper end of the rental market where rents are higher.”

He suggested, “Utilizing technology to deliver resident services can redirect financial resources into efforts such as creating a safe, stabilized community, funding mandated repairs, marketing to future residents in search of affordable housing, and delivering more targeted services to residents that they will genuinely use. More importantly, it can open the gates to fund more affordable housing units, which is a vital need across the nation.”

The study is one of the most complete compilations of data, independent research, and industry survey participation to ever be produced on this subject. Countless organizations, affordable housing operators, and industry advocates contributed tremendous guidance, insights, and resources throughout the development of this expansive, in-depth report. The resulting research builds a complete picture of how people are engaging with current programs and suggests how technology can redefine an outdated program by a modern, twenty-first-century solution.

“The core of resident service programs is based on getting information into the hands of residents; therefore the key to providing a successful program is delivery. Through the progression of technology and the declining cost of Internet access, a large percentage of the population is now connected online. We must deliver a consistent experience throughout every step of the housing process while providing cohesive solutions that focus on the entire resident lifecycle,” Kirby concluded. “As we continue to look at innovative methods to simplify onboarding practices and serve residents, it is crucial that affordable housing operators realign their strategies to accommodate the next generation of renters. We are excited to share our knowledge of this subject with our industry peers.”

The complete industry study is available at: www.365connect.com

365 Connect was founded in 2003 with an unwavering commitment to transforming how apartment communities market, lease, and retain residents. As a leading provider of award-winning technology platforms for the multifamily housing industry, 365 Connect delivers a fully-integrated suite of comprehensive solutions that automate marketing, simplify transactions, and serve residents after the lease is signed. The 365 Connect Resident Lifecycle Platform allows its clients infinite expansion, robust integrations, and the ability to revolutionize user experiences. Explore: www.365connect.com

OAKLAND, CA – International award-winning firm KTGY Architecture + Planning and San Francisco Bay Area office of Trammell Crow Residential (TCR) announce the groundbreaking ceremony on July 19, 2017, celebrating the redevelopment of the parking lot between Webster Street and Valdez Street at 23rd Street into a vibrant mixed-use destination that includes luxury apartment homes, retail, parking, jobs and art. The Alexan Webster enjoys a central location with its close proximity to Lake Merritt and the thriving Uptown Oakland with amenities such as Whole Foods, restaurants and shops. The Cathedral of Oakland, employers and the 19th BART station are also nearby.

Designed by KTGY, this exciting 1.42-acre redevelopment project represents a unique public/private partnership between the city and TCR and is a culmination of more than four years of planning. The new $135 million sustainable development located at 2330 Webster Street will feature a 234-unit mixed-use luxury apartment community with 15,000 square feet of neighborhood-serving street-front retail. The design also includes a parking garage with 242 public city stalls as well as unbundled parking for the Alexan Webster residents.

“This development takes an under-used piece of property and creatively redevelops it providing essential housing, retail and art elements that benefit Oakland without displacing anyone living or working in the area,” said City of Oakland Mayor Libby Schaaf.

“The Alexan fills a void in the city’s urban fabric by creating an active project frontage on both Valdez Street and Webster Street. The project wraps around an existing auto body shop and the former Hawker Fare restaurant at the corner of 23rd and Webster,” said Jessica Musick, associate principal in KTGY’s Oakland office. “The existing structures create an opportunity for unique architectural language along each street frontage.” 

The design includes approximately 5,000 square feet of indoor amenity and leasing space, as well as a lap pool, which is rather unique for an apartment community, and a cool rooftop deck that capitalizes on the dramatic views of Lake Merritt, the Oakland hills and downtown Oakland. Additionally, the Alexan Webster will feature an art installation on the rooftop deck adjacent to the amenity area.

According to Musick, the project team commissioned artist Tom Fruin to create an iconic outdoor sculpture overlooking the rooftop lounge. The sculpture can be illuminated at night and seen from the ground as well as throughout the neighborhood. “It is a stained-glass element that is fitting with the architecture of the building and contributes to the ambiance of the rooftop lounge and greater neighborhood,” Musick commented.

The new apartment community will feature a mix of studios, one- and two-bedroom apartment homes ranging in size from610 sq. ft. to 1,160 sq. ft. The well-appointed, energy-efficient apartment homes will come with a full-size washer and dryer, gourmet-style kitchen with a waterfall countertop and gas range, plus large picture windows and high-end designer fixtures and finishes. In addition to the lap pool, the community amenities will also include a community center, concierge, rooftop lounge, business center, 24-hour fitness center, outdoor kitchen, bicycle repair center and storage, and a pet spa. The apartment homes on the penthouse level enjoy higher ceilings throughout the units and other upscale finishes.

Bruce Dorfman, Trammell Crow Residential’s senior managing director of the Northern California division, notes that TCR is excited to play an important role in adding to the vibrancy of this walkable district, which is just a few blocks from a BART station and offers easy access to the Alameda-Contra Costa (AC) Transit bus route and I-580. Walkscore.com gives the Alexan Webster a Walk Score of 98 out of 100. “This location is a ‘Walker’s Paradise’ reducing the need for a car,” Dorfman reported.

“In addition to the outstanding location, we are positioning the Alexan Webster to provide residents with better amenities and nicer finishes than what is currently being built today. Plus, the Alexan Webster will feature inclusionary housing to help ease the high demand for affordable housing,” said Dorfman. As part of the agreement with the City of Oakland, Alexan Webster will designate 15% of its units as affordable to households earning between 50%, 80%, and 120% of the area’s median income.

“I am pleased that the developer has made a commitment to provide a mix of market rate and affordable housing that allows us to maintain economic diversity in Oakland – these are the types of developments we want and need,” said Lynette Gibson McElhaney, a member of the Oakland City Council representing District 3.

Completion is slated for summer 2019.

Trammell Crow Residential was founded in 1977 to develop, construct and asset manage multi-family rental communities. Since inception, TCR has developed over 240,000 multi-family units in most major markets across the country. Currently, the company owns over 19,000 apartment units nationwide with an additional 3,700 new units planned for construction later this year.

Celebrating 25 years, KTGY Architecture + Planning is an international award-winning full-service architecture and planning firm delivering innovation, artistry and attention to detail across multiple offices and studios, ensuring that clients and communities get the best the firm has to offer no matter the building type or location. KTGY’s architects and planners combine big picture opportunities, leading-edge sustainable practices and impeccable design standards to help create developments of enduring value. KTGY serves clients worldwide from offices located in Chicago, Denver, Irvine, Los Angeles, Oakland, Pune and Tysons.

 

TALLAHASSEE, FL – Waypoint Residential, a vertically integrated real estate investment firm focused on the U.S. residential sector, today announced that it has acquired a 288-unit student housing community in Tallahassee, Florida. Waypoint intends to repurpose the property from student housing to conventional apartments to serve the area’s strong demand for high-quality apartments.

“This acquisition brings to bear Waypoint Residential’s fully integrated platform and showcases our complete skill set,” said Scott Lawlor, Chief Executive Officer of Waypoint Residential. “The ability to capitalize on this type of opportunity requires deep expertise in both student housing and multifamily investments, as our team was able to identify a supply and demand imbalance between the two sectors in the Tallahassee market. This investment speaks to our ability to approach residential investments from every perspective and demonstrates our strong acquisition and redevelopment capabilities.”

Well-located near retail and transportation corridors, the highly-amenitized property also includes a large fitness center, computer lab, business center, conference room, movie theater, pool, full-size basketball court and sand volleyball court. Waypoint‘s extensive renovation of the property will reconfigure the existing floor plans into more functional, conventional apartments to meet the need for quality, affordable rental housing in the area.

The property was originally built as a student housing community to serve multiple area universities; however, according to Eric Hade, Waypoint’s Chief Investment Officer, Waypoint believes that the full value of the property can be maximized as apartments, as recent deliveries to the Tallahassee market have focused primarily on either purpose-built student housing communities or conventional apartments with smaller floorplans.

“Upon completion of the conversion, the property will offer one of the most exceptional value propositions in the Tallahassee market featuring significantly larger-than-average floorplans together with a best-in-class amenity package that includes one of the largest resort-style pools in the market,” said Mr. Hade.

The redesigned interiors will be updated with new stainless steel appliances, upgraded countertops, flooring, cabinetry, and lighting and plumbing packages. Exterior improvements, including landscaping, paint, roof replacement, new signage and pool area updates, will bring a fresh new look to the property for its rebrand.

Multiple universities, including Florida State University, Tallahassee Community College and Florida A&M University, are located in Tallahassee. As the state capital, the city is also home to the state’s main government bodies, lobbying and trade organizations.

“The stability of the Tallahassee market results from the significant government employment base, substantial university presence and strong health care industry,” added Mr. Hade. “These sectors have been fueling the city’s long-term steady growth and higher than national average employment rates.”

HOUSTON, TX – The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, completed its fourth acquisition of 2017 with the closing of Champions Village Apartment Homes in Houston, Texas. This is RADCO’s 70th acquisition since 2011, its eighth community in Texas, and its fifth community in Houston.

The 278-unit, Class B property has been renamed City Gate at Champions. City Gate at Champions will be proudly managed by RADCO Residential, the company’s proprietary management platform.

RADCO plans to spend over $4 million, or approximately $14,500 a unit, on capital improvements to modernize the community and reset its economic clock. RADCO financed the acquisition with private capital and debt furnished by BBVA Compass. Since August 2011, the company has raised more than $500 million in private capital to fund its acquisitions, making it one of the largest private capital companies of its type in the nation.

City Gate at Champions is favorably located in Northwest Houston. The property is just mere minutes away from notable hospitals such as Houston Methodist Willowbrook Hospital, CHI St. Luke’s, and Northwest Medical Center. It is an easy drive to Willowbrook Industrial Park and the new 971-acre Pinto Business Park, as well as the metro area’s major employment districts. Residents enjoy the convenience of being within walking distance to the 408,000-square foot Champions Village Shopping Center and are less than 2 miles away from Willowbrook Mall and Willowbrook Plaza retail. The community is nestled between affluent neighborhoods such as Champions Forest, Champions Northwest, and Champions South, and is zoned to the highly acclaimed Klein Independent School District.

Built in 1978, Champions Village is situated on 10.6 acres and consists of 27 two-story buildings. Averaging 874 square feet, the garden and townhome style apartments offer a range of one and two-bedroom floorplans. The community amenities include an outdoor pool, a fire pit, a picnic and grilling area, and clubhouse.

“RADCO has an established footprint in Houston, and we are very bullish on the potential for growth in the area,” said Norman Radow, founder and Chief Executive Officer of The RADCO Companies. “City Gate at Champions is an important addition to our portfolio, and both its acquisition and our investment to improve it further emphasize our confidence in the Houston market.”

RADCO plans to transform the look and feel of the property through significant building renovations, unit interior upgrades, and enhancements to common area amenities. Specifically, RADCO’s capital improvements program will concentrate on interior renovations that include updated cabinetry, upgraded appliance packages, new flooring, modern lighting, hard-surface counter tops, and designer paint. Amenity improvements will feature a new state-of-the-art fitness center, a complete clubhouse remodel, and improvements to the pool, sundeck, fire pit, and outdoor picnic and grilling areas.

RADCO also plans to initiate thoughtful landscaping and hardscape additions, along with exterior lighting upgrades, roofs replacements, concrete repairs, HVAC and water heater replacements, updated signage, and a community-wide new and modern paint scheme — all of which will drastically improve the property and our residents’ living experience.

CHAPEL HILL, NC – Wood Partners, a national leader in real estate development and acquisition, announced that it has broken ground on a 298-unit apartment community in Chapel Hill.

Centrally located between the University of North Carolina, Duke and Research Triangle Park and with easy access to I-40 — the interstate connecting the major business corridor — Alta Blu will provide residents with modern amenities in close proximity to the ample amount of employers in the area.

“With little new development in the area, Alta Blu is a strategic investment because it offers an attractive option for young professionals in a prime location. Residents will get to experience all that Chapel Hill and Durham have to offer while enjoying state-of-the-art amenities, open space and a sense of community — with commuter convenience,” stated Caitlin Shelby, Director for Wood Partners.

In addition to providing a much-needed contemporary development to meet residential demands, Alta Blu will feature many community amenities including a courtyard with a resort style pool, an activity lawn for community events such as outdoor yoga and film nights, and a large pond — along with 5,000 square feet of office space.

Alta Blu is expected to begin leasing in Summer 2018.

Wood Partners is a national real estate development company that acquires, develops, constructs and property manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country.

The company has been involved in the acquisition and development of more than 67,000 homes with a combined capitalization of more than $11.0 billion nationwide. The company currently owns more than 70 properties with a combined total of over 20,000 units.

LOS ANGELES, CA – Metropolis Los Angeles, one of the most anticipated mixed-use developments in Downtown Los Angeles, opened its doors to guests and current residents for an exclusive grand opening event on July 13.

Developer Greenland USA has invested more than $1 billion to create a new landmark for Downtown Los Angeles. Located at 889 Francisco Street on the largest undeveloped property in the Central Business District, Metropolis, at 6.33 acres and with 3.5 million sq. ft., will be one of the largest mixed-use developments in the western U.S. Residents of the first residential tower began move-ins beginning in April 2017, and strong sales numbers for the tower indicate growing interest among prospective buyers.

Along with the 18-story, 350-room Hotel Indigo, which opened in April 2017, the project’s first of three residential towers rises 38 floors and 308 units – a breadth of studio, one, two, and three-bedroom condominiums – with luxury interiors, amenities and concierge services, onsite fine dining, retail, and expansive views of the city, mountains and coastline. The second and third residential towers, at 40 and 56 floors, respectively, are currently under construction. The mixed-use development is slated for completion in 2019.

For the first time, Metropolis connects the financial district to the north and the sports and entertainment district to the south with a pedestrian-friendly thoroughfare replete with shops, restaurants and bars. Designed with four distinct cascading high-rise towers – three residential towers and one boutique hotel tower – Metropolis redefines the L.A. skyline and streetscape, while setting a new standard in upscale, downtown living.

The rooftops of Metropolis are uniquely shaped to distinguish the buildings from the older skyscrapers located behind. From the west, along the 110 freeway, the façades sparkle and shimmer in different metallic colors under the sun. In contrast, the north and east façades present a simpler, flatter face, enabling residents and visitors to focus their views on the surrounding areas. When the project is completed in 2019, most Metropolis residences will have a view of the amenity gardens, which is at the center of the project and provides a communal heart for the residents.

With stunning architecture paired with equally engaging art, CONVERGENCELA is an onsite installation at Metropolis created by local Los Angeles artists Refik Anadol and Susan Narduli. A fluid piece that uses historic and real-time data to digitally depict the diversity, culture and creativity of Los Angeles, CONVERGENCELA paints digital strokes on a 100-foot-wide LED canvas by seamlessly capturing and combining real-time demographic, astronomical, oceanographic, tectonic and climate data, as well as social media posts, traffic and news feeds, all of which are specific to Los Angeles.

“From its groundbreaking 40 months ago up through today, it has been steady progress in the development of one of Downtown L.A.’s most exciting properties,” said Gang Hu, president and CEO of Greenland USA. “I’m grateful for the collaboration of our partners, including Gensler, JG Neukomm Architecture and Douglas Elliman Development Marketing, and we look forward to celebrating the culmination of a shared vision with our first homeowners and guests.”

CLEVELAND, OH – CRG and The Koman Group have begun leasing for The Edge on Euclid, a luxury housing complex with top-of-the-line amenities and private community spaces. Located directly across from Cleveland State University, the new development neighbors the Playhouse Square District.

The building includes 240 residential suites with a fitness center, lounge, café, study areas and a 163-car secured garage. Each of the one- to four fully furnished bedroom suites include a living room, kitchen, granite countertops, spacious closets, washer/dryer and a private bath for each bedroom.  Outside, tenants can enjoy a private outdoor amenity courtyard and the 11th floor sky deck with spectacular views of University’s main campus and the downtown Cleveland area. 

“The Edge on Euclid is a part of an evolution of CRG’s student housing and multi-family portfolio,” said CRG President Chris McKee. “As the only modern student housing high rise in downtown Cleveland, this style of building demonstrates a shift to demand for high-end, cutting edge amenity student housing.”

Clayco served as the design-builder and its subsidiary, Forum Studio served as the architect on the project.

The 262,000-square-foot, 11-story residential building unites three parcels along the full block of East 18th between Prospect and Euclid streets in downtown Cleveland. The exterior is clad with glass, brick and fiber cement panels. The massing, materials and finishes have been selected to re-introduce the urban scale and architectural vocabulary of the neighboring Playhouse Square District.

“The community and university have been tremendously supportive. We couldn’t be happier to open up The Edge on Euclid,” said Koman Group President Jason Braidwood. “Our success is connected to the thriving neighborhood, and we look forward to being a part of one of the nation’s truly great downtown streets.”

SAN JOSE, CA – Western National Group has purchased a 6.5-acre parcel of land from Berryessa Properties, owners of the San Jose Flea Market, a family-run business that remains one of the largest outdoor markets of its kind in the nation, for multifamily residential and retail space.  

Western National Group plans to develop up to 560 multifamily units and approximately 37,000 sq. ft. of ground-floor retail space in the fifth phase at Market Park San Jose, a 120-acre, mixed-use, transit-oriented community adjacent to the Berryessa BART station, scheduled to open by the end of 2017.

With the proceeds from the sale of the current phase together with a previous transaction with KB Home to build 162 city-style townhomes on 5.6 acres of land, San Jose Flea Market will contribute $5,000,000 to the City of San Jose Dept. of Parks, Recreation and Neighborhood Services to help pay for two city parks totaling approximately 7 acres, plus an additional $6,000,000 for utility infrastructure improvements in Market Park’s North Village.

The land sale transactions have been brokered by Ralph Borelli and Chris Anderson of Borelli Investment Company, a commercial real estate firm that has served the Santa Clara Valley for 62 years.

“As Silicon Valley continues to grow, there’s an ever-increasing need for places for people to live,” said Ralph N. Borelli, chairman of Borelli Investment Company.  “Market Park San Jose, located immediately adjacent to the soon-to-open Berryessa BART station, is ideally situated for families and individuals — whether they plan to work in downtown San Jose, at one of the Valley’s many high-technology firms, or in Oakland or even San Francisco, which will be only about an hour away via convenient BART.”

Modern one-, two- and three-bedroom apartments will be offered within a multi-building, mid-rise complex — with retail stores and restaurants occupying street-level spaces.  The apartments will feature efficient design layouts highlighted by attractive accents and upscale finishes, in a location that’s ideal for those with active lifestyles.

When added to the 449 townhomes and single-family residences previously built by KB Home or nearing completion within the community, the new apartments will bring the total number of housing units there to more than 1,000.  Still planned are another 100,000 sq. ft. of supermarket-anchored retail space in a center to be developed in Market Park’s North Village.  The shopping center is scheduled for a 2019 opening.

The master-planned community is also envisioned to eventually host a separate South Village with an additional 1,818 residential units and up to 2,000,000 square feet of mid-rise office and retail space, plus parking.  VTA and BART service, as well as a new interchange at Mabury Road and Highway 101, will allow for efficient transportation for the residents and those people employed at Market Park San Jose.

 “The Market Park community is destined to become one of San Jose’s signature mixed-use developments,” Borelli remarked.  “With affordable housing, retail and restaurants, future office space, neighborhood parks, lush greenbelts, and the Coyote Creek trail bisecting the community, this will be a uniquely welcoming and reinvigorating place to live.”

ORLANDO, FL – Officials of The Preiss Company (TPCO), ranked the nation’s fifth largest, privately-held, student housing owner-operator, announced that it has acquired in a joint venture with a private investment group the 840-bed, 228-unit Mercury 3100 student housing complex in Orlando, Fla., for an undisclosed amount. Catering to the University of Central Florida, the property rests on nearly 40 acres situated approximately seven blocks from campus. It is the company’s second joint venture acquisition in the market.

“Our acquisition process involves thoroughly understanding both the property and the market in which we invest,” said Donna Preiss, founder and CEO, The Preiss Company. “In addition to evaluating hundreds of campuses nationwide, we are attracted to markets where we already have a successful footprint. The in-depth knowledge of working in a market, the reputation we build with the University and student population and the economies of scale make this type of investment especially compelling.

“Mercury 3100 is a great example. Through another joint venture, we own and operate the Orion student housing community in Orlando, located within two miles of Mercury 3100. Orion consistently has been 100 percent occupied with average annual rental increases of five percent since we acquired it nearly three years ago.

“The Orlando market has many diverse economic drivers, and the University of Central Florida’s enrollment has enjoyed a steady increase. UCF’s student body has grown 87 percent from 2000 to 2015, and today boasts the largest undergraduate enrollment in the country. Mercury 3100 will benefit from a substantial, multi-million-dollar upgrade, repositioning and student-focused management that creates a significant value-add opportunity.”

The student housing complex offers the latest in amenities, including outdoor swimming pool with sundeck, sand volleyball court, 24-hour fitness center with free weights, cardio equipment and machines, complementary tanning beds, basketball court, computer center with free printing, UCF shuttle service, recreation center, bike storage and ample on-site parking. Fully equipped apartments feature leather-style furniture in select units and fully furnished private bedrooms. Additionally, units feature private bathrooms, full kitchens and full-sized washer and dryer.

The renovation process will focus on both exterior and unit upgrades. The clubhouse will receive a new design package and furnishings, as well as new gym equipment and A/V system upgrades. Exterior improvements include clubhouse upgrades, a basketball court addition and significantly improved internet capabilities. The three-story buildings also will receive new paint and roofing. Other upgrades include new exterior lighting, HVAC replacements, parking lot resurfacing, landscaping and pool enhancements.

Additionally, TPCO plans to significantly improve 114 units with new flooring, upgraded lighting package and black appliances. The remaining 114 units will further upgrade to a Premium Package, which includes new flooring, furniture, lighting, black appliances, granite kitchen and bathroom countertops, resurfaced kitchen and bathroom cabinets and hardware.

KING OF PRUSSIA, PA – Morgan Properties, one of the country’s largest real estate investment and management companies, announced today it has acquired Madison Montgomery, a 264-unit apartment and townhome community in Hatfield, Pennsylvania, from Equus Capital Partners, Ltd. for $38.5 million. The 18-acre property is located at 2701 Elroy Road in Montgomery County.

Rebranded by Morgan Properties to Montgomery Manor Apartments & Townhomes, the community is strategically positioned three miles from the Lansdale Northeast Extension Interchange and in close proximity to SEPTA’S Lansdale Station, providing easy access to major employment, dining, and shopping destinations in the surrounding area. Residents can choose from one-, two-, and three-bedroom apartments or townhomes and enjoy a 4,000-square-foot, centrally-located clubhouse that offers a fitness center, resident lounge, and business center as well as a resort-style pool with a sundeck and grilling areas. Every unit features energy-efficient appliances, a private entrance, large closets, individual climate control, and a full-size washer and dryer. The property underwent a complete $17.5 million transformation in 2008 by the previous ownership.

“Montgomery Manor is an exciting addition to our portfolio. The previous owner invested a great deal in exterior redevelopment, allowing us to acquire a beautiful community with the appearance you would expect of Class-A apartments and townhomes,” said Christine Beechan, area vice president of Morgan Properties. “We have plans to enhance the current amenity offerings as well as capitalize on the opportunity to add a few more of our signature amenities. Our focus is always the experience of our residents existing and new, and we will continue to operate with excellent customer service as we do at all of our communities.”

Morgan Properties has continued to rapidly expand its geographic footprint, solidifying itself as one of the nation’s largest and fastest-growing multifamily owners and operators. In the last year alone, Morgan Properties JV has secured over $800 million of multifamily investments in 21 apartment communities containing over 6,300 units. The company intends to continue growth as a major national player through acquiring Class B, multifamily assets in infill, high-barrier markets where Morgan Properties’ operational expertise can quickly add value for its investors and residents. Since its launch in 2011, Morgan Properties JV has been one of the most active investors in the Mid-Atlantic and Northeast regions and the company has hired 350+ employees to support the new acquisitions.