Morgan Properties Buys South Florida Apartment Community for $70M

Morgan Properties, one of the country’s largest private apartment investors, paid $70 million for a multifamily community in West Palm Beach, Fla., property records show. 

Miami-based Bar Invest Group sold the 300-unit development called Visions at Willow Pond after acquiring it for $56.2 million in 2020. The 347,790-square-foot complex includes 17 buildings on 14 acres at 4860 Sand Stone Lane, west of North Military Trail and south of the Cacti Park of the Palm Beaches baseball stadium.

Newmark provided a $49.9 million acquisition loan, which is backed by Freddie Mac and scheduled to mature in 2030, according to mortgage documents. Rents for one- and two-bedroom units range between $1,645 and $3,616 a month, per Apartments.com. 

The acquisition increases Morgan Properties’ ownership of South Florida multifamily complexes to five. In 2021, the Conshohocken, Pa.-based investor bought three properties, totaling 622 units, along Brandywine Road for a combined $133 million, the Business Journals reported. The other communities are in Boca Raton. 

Nationwide, Morgan Properties, founded and led by Mitchell Morgan, owns about 100,000 apartments. Representatives for Morgan Properties and Bar Invest did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.