Published on Friday, November 21, 2025
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The firm now gets control of 15 new communities.
Morgan Properties is continuing to grow its multifamily portfolio this year, with the latest move including the $354 million acquisition of Dream Residential REIT. The purchase gives the real estate investment firm control of one of the largest multifamily owners in the nation, which operates 3,300 units in 15 communities. These properties are scattered across major MSA's including Oklahoma, Texas, Ohio and Kentucky.
Dream, which operated as a Canadian REIT, is now private as a result of the deal closing. The transaction was first announced in August.
Dream received financial representation from TD Securities on the deal.
Morgan is planning to deploy $58 million to renovate the exteriors, interiors and amenity spaces of each community acquired in the transaction. The life span of the properties ranges from 1968 to 2002.
The latest deal continues Morgan's acquisition spree in 2025, totaling $1.5 billion in volume across more than 14,000 units year-to-date. In other recent purchases, Morgan intends to invest $200 million in capital improvements. Plus, the Conshohocken, Pennsylvania-based firm has hired 250 on-site team members this year.
“Morgan Properties has a proven track record in closing these complicated transactions given our unique ability to provide sellers with execution certainty," Jonathan and Jason Morgan, co-presidents of the company, said in a statement.
"Our contrarian investment strategy targets large one-off and institutionally sized portfolios without institutional competition. While our regional competition is capital constrained and institutional investors are chasing flight to quality investment opportunities, we intend to capitalize on institutionally sized workforce housing investment opportunities with significant barriers to entry."
In Altus Group's third-quarter report, total transactions reached $150.6 billion, up 6.8 percent year-over-year. By asset class, multifamily was the top performer by dollar volume, at $45 billion. Also, median prices per square foot surged by 17.3 percent in the sector to $144.