Transwestern Investment Group and S2 Capital LLC on Jan. 28 announced the sale of The Morgan, a 464-unit multifamily community. Denver-based PaulsCorp LLC acquired the property at 1611 Oak Creek Lane in Bedford.
“We acquired The Morgan as part of our workforce housing strategy, which identifies quality, Class B multifamily assets that are underperforming in comparison to their competition,” said Wes Davidson, Vice President at TIG. “After completing the renovation of community amenities and approximately half the units, we were able to increase rental rates at the property to a level that are competitive yet affordable based on the median income in the area.”
TIG and S2 renovated the clubhouse, leasing office, and fitness center. Additionally, ownership fully upgraded roughly 50% of the units with stainless steel appliances, quartz countertops, wood-style flooring and custom cabinetry. The balance of the units primarily consists of first-generation classic units that can be upgraded for additional upside.
The Morgan is currently 91% leased.