One of the properties that changedhands was Henrietta Highlands in the upstate New York community ofHenrietta, NY.

KING OF PRUSSIA, NY—Locally-based Morgan Properties has acquirednearly 80 apartment communities encompassing approximately 15,000units across eight states.

Morgan Properties acquired the portfolio from Pittsford,NY-based Morgan Communities, which has no relation to thePennsylvania-based company.

Morgan Communities' CEO Robert Morgan, his son Todd and twoother Morgan Communities' employees were indicted by a federalgrand jury in May on wire fraud and bank fraud charges inconnection with an alleged half-billion-dollar mortgage fraudscheme.

No financial details of the purchase transaction by MorganProperties were announced. The transaction increases MorganProperties' total portfolio to more than 75,000 units in 15 states,making it one of the five largest multifamily owners in the US.

Since 2012, the firm has acquired more than $7 billion in totalacquisition volume comprised of 50,000 units. Following thistransaction, Morgan Properties has also agreed to acquire anadditional 3,000 units from Morgan Communities.

The geographic concentration of the acquired portfolio isprimarily in upstate New York markets, including Rochester,Buffalo, Syracuse, and Albany, and Pennsylvania submarkets thatinclude Pittsburgh and Harrisburg. The portfolio also consists ofassets in Memphis; Chicago, Huntsville, AL and Cleveland, which allrepresent new markets for Morgan Properties.

The firm notes that the deal solidifies Morgan Properties'portfolio concentration in the Mid-Atlantic and Northeast regionsand its position as the largest multifamily owner/operator in thestates of Pennsylvania, Maryland and New York.

Jason Morgan, principal at Morgan Properties, says the firmassumed property management across the acquired portfolio in Julyand has transitioned more than 750 employees to its team. MorganProperties now employs approximately 2,000 workers.