Pennsylvania-based Morgan Properties bought five Northeast Florida apartment communities Sept. 16 in transactions totaling $35.5 million.
Four of the properties are in Duval County and one is in Clay.
Morgan Properties is headquartered in Conshohocken, north of Philadelphia. The company website says it focuses on Class B apartments and owns more than 350 properties in 20 states with more than 97,000 units.
Morgan bought the properties from Arbor, a real estate investment trust headquartered in Uniondale, New York.
Morgan Properties is not new to Northeast Florida. It bought Seagrass Apartment Homes in Jacksonville in 2021.
Here are the properties Morgan bought:
Shadow Bay
Shadow Bay apartments at 8833 Old Kings Road S. in Jacksonville sold for $10.45 million.
The 112-unit property comprises Shadow Bay I, built on 3.71 acres in 1984, and Shadow Bay II, built on 7.21 acres in 1985. The per-unit sale price is $93,303.
It has studio, one- and two-bedroom units with one and two baths. Apartments range in size from 288 to 864 square feet. Rents are from $1,047 to $2,000, according to apartments.com.
It offers package service, laundry facilities and storage space. The property manager and maintenance is on-site.
Arbor sold the community through Shadow Bay Apartments II LCC and Morgan bought it through Shadow Bay Apartments FL Owner LLC.
Heron Pointe
Heron Pointe apartments at 2553 Florida A1A west of Atlantic Beach in Duval County sold for $8.99 million.
The 96-unit property was built on 6.86 acres in 1986. The per-unit price is $93,645.
It has studio, one-, two- and three-bedroom units with one and two baths. Units are 288 to 1,000 square feet. Rents are $979 to $2,000 per month.
It has laundry facilities and the property manager is on-site.
Arbor sold the community through Heron Pointe Apartments LLC and Morgan bought it through Heron Pointe Apartments FL Owner LLC.
Driftwood
Driftwood apartments at 91 11th St. W. in Atlantic Beach sold for $5.96 million.
The 62-unit property was built on 4.37 acres in 1985. The per-unit price is $96,129.
It has one-, two- and three-bedroom units with one and two baths. Apartments are 576 to 1,164 square feet. No information on rents is available.
It has laundry facilities and the property manager is on-site.
Arbor sold the community through Empirian Driftwood LLC and Morgan bought it through Driftwood Apartments (FL) Owner LLC.
Manchester
Manchester apartments at 2900 Coronet Lane, northwest of Beach and University boulevards in Jacksonville, sold for $5.3 million.
The 78-unit community was built on 5.87 acres in 1985. The per-unit price is $67,948.
It has studio, one- and two-bedroom units with one and two baths. Apartments are 288 to 864 square feet. Rents are from $879 to $1,099.
It has laundry facilities and the property manager is on-site.
Arbor sold the property through Manchester Apartments LLC and Morgan bought it through Manchester Apartments (FL) Owner LLC.
Jefferson Way in Orange Park
Jefferson Way apartments at 409 Jefferson Ave. in Orange Park sold for $4.8 million.
It has studio, one- and two-bedroom units with one and two baths.
The community was built on 3.86 acres in 1987. The number of units is not available.
Apartments are 288 to 864 square feet. No information on rents is available.
It has laundry facilities and the property manager is on-site.
Arbor sold the property through Jefferson Way Apartments LLC. and Morgan bought it through Jefferson Way Apartments FL Owner LLC.