CONSHOHOCKEN, PA — Morgan Properties has entered Kentucky’s real estate market with the $39 million purchase of Blankenbaker Crossings, a 236-unit garden-style apartment complex in Louisville. This acquisition marks the company’s presence in 20 states, underscoring its position as a national leader in multifamily housing.
“Entering Kentucky and adding the 20th state to our growing portfolio is a pivotal way to kick off Morgan Properties’ 40th-anniversary year,” said Jonathan Morgan, Co-President of Morgan Properties and President of Morgan Properties JV.
Built in 2005-2006, Blankenbaker Crossings boasts a prime location near major employers like UPS, Ford Motor Co., and Norton Healthcare, as well as Louisville’s vibrant dining and entertainment attractions. Currently maintaining a 96% occupancy rate, the property offers significant value-add potential, as many units remain in their original condition.
Morgan Properties plans to invest $2.1 million in property enhancements, including kitchen and bath updates, the addition of washers and dryers, smart apartment technology, and new community features like pickleball courts, dog parks, and package hubs. These improvements are aimed at boosting the property’s appeal and offering residents an elevated living experience.
“Expanding into Kentucky is a natural extension of our robust footprint in neighboring states like Ohio and Indiana,” said Jason Morgan, Co-President of Morgan Properties and President of Morgan Properties Special Situations. “Blankenbaker Crossings presents a compelling opportunity to leverage our professional management and value-add strategies while capitalizing on Louisville’s strong rent growth and economic stability.”
Morgan Properties’ expansion into Kentucky reflects its continued focus on strategic growth in promising markets across the country. The transaction was brokered by Craig Collins and Mike Kemether of Cushman and Wakefield.
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