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New indictment against Rochester developer Bob Morgan and 3 others


PHOTO BY JACOB WALSH
A Morgan Communities property, The Nathaniel apartment complex, at the corner of South Avenue and Court Street.
Federal authorities have announced that a grand jury has returned a new indictment against Rochester developer Robert Morgan and three others.
The U.S. Attorney’s office says a 104-count indictment has been filed, charging Robert Morgan, Todd Morgan, Frank Giacobbe, and Michael Tremiti with conspiracy to commit wire fraud and bank fraud in connection with a wide-ranging mortgage fraud scheme.
Last October, a federal judge dismissed fraud charges in the case, saying that prosecutors mishandled discovery in the case. ....

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Morgan Properties and Olayan America Acquire Massive 14,414-Unit Multifamily Portfolio Across Eleven States for $1.75 Billion


KING OF PRUSSIA, PA - Morgan Properties, the nation s largest private multifamily owner, announced it has acquired, in partnership with Olayan America, a portfolio of 48 apartment communities and 14,414 units in 11 states for $1.75 billion. The Morgan Properties and Olayan America joint venture purchased the North Star Portfolio from STAR Real Estate Ventures, a joint venture between El-Ad National Properties, LLC and Yellowstone Portfolio Trust. The North Star acquisition is the largest multifamily transaction this year and Morgan Properties’ largest deal since acquiring the Morgan Communities portfolio of 95 apartment communities and 17,500 units in 8 states for $1.9 billion in 2019.
“The North Star investment is a strategic transaction for Olayan America, and provides access to some of the best multifamily markets in the nation. It speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” said Erik Horv ....

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