Morgan Properties, the largest private owner of multifamily communities in the U.S., has officially entered the Kentucky market with a major acquisition. The company announced the purchase of Blankenbaker Crossings, a 236-unit garden-style apartment community in Louisville, for $39 million.
This marks Kentucky as the 20th state in Morgan Properties’ expanding portfolio, reinforcing its position as a leader in the multifamily housing sector and demonstrating its commitment to growth in the Heartland region.
A Strategic Move for Morgan Properties
The acquisition of Blankenbaker Crossings aligns with Morgan Properties’ strategy to expand in high-growth markets. Jonathan Morgan, Co-President of Morgan Properties and President of Morgan Properties JV, expressed enthusiasm for the company’s latest move.
“Entering Kentucky and adding the 20th state to our growing portfolio is a pivotal way to kick off Morgan Properties’ 40th-anniversary year,” said Morgan. “As a company, we remain optimistic about opportunities in the Midwest and will continue leveraging our four decades of experience to improve the living standards for residents in key markets across the country.”
Prime Location and Potential for Upgrades
Blankenbaker Crossings is well-positioned for success. Its location provides easy access to public transportation and major employment centers, including UPS, Norton Healthcare, and Ford Motor Co. Additionally, residents can enjoy Louisville’s attractions, such as Waterfront Park and a thriving dining and entertainment scene.
Built between 2005 and 2006, the property has a high occupancy rate of 96%, demonstrating strong demand for housing in the area. However, many of its units remain in their original condition, presenting a significant opportunity for upgrades. To enhance the community and attract more residents, Morgan Properties plans to invest $2.1 million in renovations. The planned improvements include:
- Kitchen and bathroom renovations
- Installation of washers and dryers
- Smart apartment technology
- New amenities such as a pickleball court, dog parks, and Amazon package hubs
These upgrades are designed to enhance the overall appeal of the community, modernize the apartments, and provide a superior living experience for residents.
Strengthening Morgan Properties’ Regional Presence
Morgan Properties has already established a strong presence in neighboring states such as Ohio and Indiana. Expanding into Kentucky is a natural next step, given Louisville’s economic growth and increasing rental demand. Jason Morgan, Co-President of Morgan Properties and President of Morgan Properties Special Situations, emphasized the strategic importance of this acquisition.
“Blankenbaker Crossings presents a compelling opportunity to bring our proven management expertise and value-add strategies to a new, highly desirable market,” said Jason Morgan. “With Louisville’s strong rent growth and economic stability, this acquisition aligns with our goal to maximize property value while providing high-quality housing for residents.”
The Future of Blankenbaker Crossings
Morgan Properties’ investment in Blankenbaker Crossings is part of a broader strategy to enhance the value of its acquisitions while improving the quality of life for residents. By implementing modern upgrades and enhancing community amenities, the company aims to solidify its reputation as a premier multifamily housing provider in Kentucky and beyond.
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