Morgan Properties Closes $354 Million Acquisition of Dream Residential REIT, One of Nation’s Largest Multifamily Owners Expands Portfolio with Acquisition Volume of $1.5 Billion and 14,000 Units in 2025

Morgan Properties announces the landmark acquisition of Dream Residential Real Estate Investment Trust (REIT) for $354 million. This cross-border transaction resulted in a successful acquisition and privatization of a publicly-traded Canadian REIT, while adding 15 communities totaling 3,300 units across key MSAs in Texas, Ohio, Kentucky, and Oklahoma.

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The Mansions at Riverside - Tulsa, Oklahoma

Under the leadership of Co-Presidents, Jonathan and Jason Morgan, Morgan Properties is one of few organizations equipped to take a public company private. “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,” said Jonathan and Jason Morgan, Co-Presidents of Morgan Properties. “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.”

The Dream acquisition comes on the heels of a stellar acquisitions year in 2025, which saw the company surpass 110,000 units during its 40^th anniversary. “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.” The company will reinvest $58 million in interior, exterior enhancements and amenity upgrades over the fifteen communities, which range in vintage from 1968 to 2002. Morgan Properties has acquired over 80 properties and hired 250 site-team members this year and the company is planning to invest $200 million in capital improvements on its recent acquisitions.

TD Securities acted as financial advisor to Dream Residential REIT in connection with the transaction.

About Morgan Properties

Established in 1985 by Mitchell Morgan, Morgan Properties is a national real estate investment and management company headquartered in Conshohocken, Pennsylvania, with a corporate office in Rochester, New York. Jonathan and Jason Morgan represent the next-generation leaders growing the platform and overseeing the business operations. Morgan Properties and its affiliates pursue a diversified investment strategy focusing on multifamily equity investments, commercial mortgage-backed securities, preferred equity, and whole loans. Morgan Properties and its affiliates own and manage a multifamily portfolio comprising over 110,000 units across more than 400 communities in 22 states – the company is consistently one of the largest owners of multifamily in the country. Additionally, the company has made investments in commercial mortgage-backed securities backed by over $40 billion in multifamily loans. With over 2,500 employees, Morgan Properties prides itself on its quick decision-making capabilities, strong capital relationships, and proven operational expertise. For more information, please visit www.morganproperties.com.

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"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.”