Morgan Properties has closed a $354 million acquisition of Dream Residential Real Estate Investment Trust, completing a cross-border transaction that privatizes the publicly traded Canadian REIT and expands the company’s national footprint. The deal adds 15 communities totaling 3,300 units across major metropolitan areas in Texas, Ohio, Kentucky, and Oklahoma, marking one of the year’s most significant multifamily consolidations.
The acquisition reflects Morgan Properties’ ongoing strategy of pursuing large, institutionally sized portfolios at a time when many competitors remain capital-constrained. Under the leadership of Co-Presidents Jonathan and Jason Morgan, the company has positioned itself as one of the few multifamily operators able to take a public entity private. The firm’s ability to execute complex transactions at scale has contributed to its accelerated growth in 2025, during which it has acquired $1.5 billion in assets totaling more than 14,000 units.
The close of the Dream acquisition follows a milestone year in which Morgan Properties surpassed 110,000 units nationwide while celebrating its 40th anniversary. The company plans to reinvest $58 million across Dream’s 15 communities through interior renovations, exterior enhancements, and amenity upgrades. The properties included in the acquisition range in vintage from 1968 to 2002. Across its broader 2025 activities, Morgan Properties has acquired over 80 properties, added 250 site team members, and initiated $200 million in capital improvements on recently acquired assets.
Founded in 1985 and headquartered in Conshohocken, Pennsylvania, with an additional corporate office in Rochester, New York, Morgan Properties is one of the country’s largest owners and operators of multifamily housing. The company and its affiliates oversee more than 110,000 units across 400 communities in 22 states, supported by over 2,500 employees. Beyond multifamily equity investments, its diversified strategy includes commercial mortgage-backed securities, preferred equity, and whole loans, with notable investments in securities backed by more than $40 billion in multifamily loans.
Support: TD Securities served as financial advisor to Dream Residential REIT in the transaction.
KEY QUOTES:
“Morgan Properties leveraged off of our strong balance sheet and our expertise in executing complex, structured transactions to accommodate the specific needs and timeframe of Dream Residential REIT’s Unitholders and Board of Trustees.”
“In pursuing the Dream transaction, Morgan Properties leveraged off of our strong balance sheet and our expertise in executing complex, structured transactions to accommodate the specific needs and timeframe of Dream Residential REIT’s Unitholders and Board of Trustees. Morgan Properties has a proven track record in closing these complicated transactions given our unique ability to provide sellers with execution certainty. 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 2025, Morgan Properties has acquired $1.5 billion comprised of over 14,000 units.”
“We are excited to build off our momentum and continue to strategically grow our portfolio. As we do with every acquisition, we look forward to leveraging off our operational expertise and economies of scale to improve these communities and create long-term value for both our residents and investors.”
Jonathan and Jason Morgan, Co-Presidents of Morgan Properties
