Morgan Properties Acquires 360-Unit The Ridge Apartments in Merrillville from Parkmont Group
Morgan Properties has acquired The Ridge Apartments, a 360-unit multifamily community located at 1718 West 55th Avenue in Merrillville, Indiana, from Oakmont Group, a real estate investment and operating firm based in New York. Colliers brokered the transaction, which adds a recently renovated workforce-housing asset in the Chicago metropolitan statistical area to Morgan Properties' national portfolio.
Property Overview and Value-Add Execution
The Ridge Apartments was originally developed between 1970 and 1981 and underwent renovation in 2024. The garden-style community offers one- and two-bedroom floor plans with one, one-and-a-half, and two-bathroom configurations. Amenities include a pool with an expansive sundeck, landscaped courtyards, and on-site laundry facilities.
The property is situated near U.S. Route 30 and Interstate 65, providing residents with access to Northwest Indiana's established retail and commercial corridor, as well as major employment centers, educational institutions, and shopping, dining, and entertainment options throughout the Chicago metropolitan area.
Colliers Senior Associate Bryce Wetzel, who represented Parkmont Group in the transaction alongside colleagues Tyler Hague, Lauren Stoliar, and Ryan Roegner, described the seller's approach as a comprehensive value-add program. "Parkmont executed a highly successful value-add strategy at The Ridge, combining significant capital improvements with strong operational execution," Wetzel said. "Despite a challenging investment environment, the property attracted strong investor interest due to its compelling value proposition, supply-constrained location within the Chicago MSA, and continued upside potential."
Buyer Profile: Morgan Properties
Morgan Properties, headquartered in Conshohocken, Pennsylvania, owns and manages more than 100,000 apartment units nationwide. The company is recognized for a long-term investment strategy and a focus on enhancing the resident experience. With the 2024 renovation already complete at The Ridge, near-term capital expenditure requirements are reduced, allowing the new owner to focus on stabilizing and optimizing the asset's income performance.
Large national operators have been active in consolidating older suburban multifamily stock in secondary markets, applying centralized management systems and operational efficiencies across their portfolios. For a scaled operator, fine-tuning economic occupancy — minimizing concessions, bad debt, and non-paying residents — can add meaningful yield even when physical occupancy remains in the mid-90s range typical of stabilized suburban workforce housing.
Market Context: Supply-Constrained Northwest Indiana
Merrillville sits in Lake County, Indiana, within the broader Chicago MSA. Colliers described the submarket as supply-constrained, a characteristic that has supported occupancy levels and rent growth for existing multifamily stock in the area. Limited new construction pipelines in Northwest Indiana relative to core Chicago have reinforced the appeal of well-located, renovated vintage product for institutional buyers.
The Ridge's proximity to U.S. 30 and I-65 enhances its connectivity to Chicago-area employment centers, a factor that brokers cited as contributing to investor interest in the asset despite what Wetzel characterized as a challenging broader investment environment.
Transaction Details
The Colliers brokerage team representing Parkmont Group consisted of Bryce Wetzel, Indiana Multifamily Market Lead and Senior Associate based in Indianapolis; Tyler Hague, Executive Vice President in Chicago; Lauren Stoliar, Vice President in Chicago; and Ryan Roegner, Financial Analyst in Chicago. The sale price was not disclosed.