Morgan Properties’ real estate portfolio is getting bigger. An affiliate of the Conshohocken, Pennsylvania-based firm has acquired Toronto-based Dream Residential REIT, which manages over a dozen multifamily properties throughout the U.S., for roughly $354 million.

Under the deal, Morgan is buying all the Class B units for $10.80 a share, representing an 18 percent premium from the REIT’s closing price on August 20.

Dream focuses mainly on garden-style multifamily assets. Its portfolio is located in the U.S. — more specifically in the Sunbelt and Midwest markets. As of June 30, Dream operated 3,300 units across 15 properties, averaging occupancy levels of 95.2 percent. Some states the company’s properties sit in include Oklahoma, Kentucky, Texas and Ohio. As of April, Morgan said that it owned 360 communities in 22 states.

“Our team looks forward to welcoming these new communities, enhancing the physical assets, and providing best-in-class customer service for the residents.”

Brian Pauls, CEO of Dream, added that the deal provides its shareholders with “liquidity and value certainty.”

While the acquisition is set to close later this year, there is one thing to consider under the details. If the “transaction is terminated in certain specified circumstances,” Dream would get a $25 million reverse termination payout.

On the transaction, Dream received financial representation from TD Securities, while RBC Capital Markets guided Morgan in the same area.

From a deal standpoint, multifamily struggled to find its footing in the second quarter. While up 5.3 percent in the first half, sales volume dropped 14.4% year-over-year to $35.1 billion, according to a report from Newmark. The Sun Belt region accounted for 48.9% of trailing 12-month sales volume, as of the second quarter of 2025, while strong fundamentals in the Midwest have increased capital allocation and drove its share to 11.5%, up 294 basis points from the long-term average, according to the brokerage.