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Camino Real Apartment Homes with El-Ad’s Yitzhak Tshuva and Noam Ziv and Morgan Properties’ Mitchell Morgan (Google Maps)
Morgan Properties bought four multifamily complexes in and near Boca Raton for $126 million, as part of a $1.8 billion national apartment portfolio purchase that marks the biggest such deal in the U.S. so far this year.
King of Prussia, Pennsylvania-based Morgan Properties, along with Olayan America, bought 48 complexes with 14,414 units in 11 states. The seller is STAR Real Estate Ventures, a joint venture between El-Ad National Properties and Yellowstone Portfolio Trust. The portfolio is called North Star.
Palm Beach County property records show Morgan bought Camino Real Apartments at 33 East Camino Real in Boca Raton for $47 million. The 9-story, 235-unit community was built in 2002 on 2 acres. The sale represents a notable drop in price from five years ago when Boca Raton-based El-Ad National bought the property from Gable
El-Ad’s Yitzhak Tshuva and Noam Ziv with Savannah Place at 22356 Calibre Court (Google Maps, Linkedin)
El-Ad National Properties sold the Savannah Place apartments west of Boca Raton for $31.1 million, roughly $5 million less than its purchase price 15 years ago.
Records show King of Prussia, Pennsylvania-based Morgan Properties, through affiliate Savannah Place (M-O) Owner, bought the garden-style community from El-Ad National’s affiliate El-Ad Savannah Place.
The 191-unit apartment complex with a pool and tennis court spans 10.5 acres at 22356 Calibre Court. Built in 1988, it totals 177,931 square feet, property records show.
The deal breaks down to $162,738 per unit.
Morgan Properties, founded and led by Mitch Morgan, is a family owned and operated firm that also manages multifamily communities, according to its website. In addition to the recent purchase, it owns nine Florida apartment complexes, including three in Palm Beach County.