Thompson National, Morgan Management Create M-F JV
- Sep 25, 2008
With plans to mine the still relatively solid multi-family market, Thompson National Properties L.L.C. has teamed with Morgan Management L.L.C. to form Thompson/Morgan Properties L.L.C., a joint venture that will acquire apartment properties in Texas, as well as areas east of the Mississippi River.Thompson National was launched just five months ago by former Triple Net Properties L.L.C. CEO Tony Thompson to provide value-added real estate investment opportunities and asset management services to high net worth investors from the U.S. and abroad. The joint venture allows the company to expand its multi-family platform and maintain a balanced portfolio. The formation of Thompson/Morgan Properties is a timely one. The U.S. apartment market is holding steady in a strong position, with an average vacancy rate of 5.9 percent in the second quarter, compared to 5.8 percent in at midyear 2007, according to a report by commercial real estate market information provider REIS Inc. Additionally, high gas prices are causing an increase in demand for multifamily housing near transportation or within close proximity to business centers. And, despite the downturn in the economy, rents continue to tick up almost across the board. Headquartered in Irvine, Calif., Thompson National focuses on enhancing returns through a value-added operating strategy that presents reasonable levels of measured risk. The company is positioned to acquire commercial properties, real estate loans and operating companies. Based in Rochester, N.Y., Morgan was established in 1976, and owns and operates over 40 apartment communities totaling approximately 12,000 residences in Alabama, New York, Tennessee and Texas.