An affiliate of Morgan Properties has acquired the 500-unit Stonebridge Crossing apartment community in the Memphis area for $56.5 million. The seller in the transaction was Independence Realty Trust, which originally purchased the asset in 2014 for $29.8 million, according to reporting from the Memphis Business Journal. The property is located at 9135 Morning Ridge Road in Cordova, positioned just off Highway 64 near the interchange with Interstate 40 and approximately two miles from the Wolfchase Galleria retail hub.
The acquisition adds to Morgan Properties’ existing presence in the Memphis multifamily market. The firm already owns two other apartment communities in the area: Crescent at Wolfchase and Waterford Place Apartment Homes. The addition of Stonebridge Crossing further consolidates the company’s holdings near the Wolfchase subarea, where regional retail and highway access serve as demand drivers for rental housing.
Stonebridge Crossing was originally built in 1994 and offers a mix of one-, two-, and three-bedroom apartments. Reported rents at the property start at $990 per month, positioning the community within the region’s more affordable institutional-quality rental segment. The property is currently 92% occupied, indicating relatively strong tenant demand at the asset under current market conditions.
The garden-style community spans approximately 32 acres in Cordova and includes a range of onsite amenities. Residents have access to a fitness center, swimming pool, tennis courts, and a dog park. Its location near major transportation routes and a large regional shopping destination provides connectivity and retail access that align with renter preferences in suburban multifamily assets.
Morgan Properties, established in 1985, has grown into a large multifamily owner with a nationwide footprint. The company now controls more than 430 multifamily communities across 22 states. The Stonebridge Crossing purchase in the Memphis area aligns with its broader platform strategy of owning and operating sizable, institutionally scaled apartment portfolios in multiple markets.
The sale underscores continued investor interest in stabilized suburban multifamily properties that combine occupancy, scale, and amenity packages. With a 500-unit count, Stonebridge Crossing offers operational efficiencies and rental revenue diversification that are typically sought after by large multifamily owners. Independence Realty Trust’s decision to dispose of the asset, after holding it for over a decade, reflects portfolio recycling activity, while Morgan Properties’ acquisition highlights ongoing demand for well-leased rental housing in the Memphis region.
