A Philadelphia-area apartment owner has scooped up a pair of Carlisle-area complexes alongside nine other properties around the state.
The Carlisle-area properties — the 93-unit Hanover Manor and 80-unit Carlwynne Manor — are the two smallest properties taken in the deal, which includes more than 3,400 units overall,
The other properties are in Allentown, Reading, Horsham, Lansdale, Quakertown and the Pittsburgh suburb of Allison Park, according to a press release.
The buyer, Conshohocken-based Morgan Properties, declined to disclose the price, and deed records were not available as of Monday.
The seller was DePaul Management Co., based in the Philly suburb of Flourtown.
What’s next: Morgan, which manages apartment communities around the U.S., said it plans to invest more than $80 million in renovating its newly acquired apartment complexes.
The planned makeovers include upgrades to baths and kitchens, as well as the installation of in-unit washers and dryers, landscape improvements and roof replacements.
Morgan said it also expects to add amenities such as dog parks, pet-wash stations, Amazon package hubs, playgrounds, grilling areas and pickleball courts.
The company declined to share details on potential renovations to the Carlisle properties.
Hanover Manor and Carlwynne Manor are both near the U.S. Army War College and Carlisle Barracks.
The trend: Apartment occupancy was strong in the first quarter of 2024, according to a report in May by the National Association of Home Builders.
But competition for renters could intensify, with more than 900,000 apartment units slated to come online this year, according to the report.
Construction of new units, meanwhile, is forecast to fall in 2024 due, in part, to rising interest rates, tighter lending standards and challenges in getting projects approved, according to the association.
