Fogelman Completes $83 Million In September Acquisitions
FOGELMAN COMPLETES $83 MILLION IN SEPTEMBER ACQUISITIONS
More Than 600 Apartment Homes Acquired with Joint Venture Partners
MEMPHIS, Tenn., September 26, 2019: Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, is pleased to announce the acquisition of two communities: Lakeside at Arbor Place, located in the west metropolitan Atlanta suburb of Douglasville, Ga., and Retreat at Steeplechase, located in Houston, Texas.
Built in two phases in 1988 and 1996, Lakeside at Arbor Place is a 246-unit apartment community located in Atlanta’s most active commercial and logistics hub within minutes from downtown, Cumberland-Vinings and Hartsfield-Jackson International Airport. The community is 96% occupied and offers one, two, and three-bedroom apartment homes. Lakeside at Arbor Place will be managed by Fogelman with rental rates ranging from $904 to $1,385. The community is expected to receive full renovations to unit interiors, the clubhouse and the fitness center, in addition to landscape upgrades. Lakeside at Arbor Place was acquired in a joint venture with Fogelman and Dallas-based company, Thackeray Partners. The closing marks the third acquisition for the Fogelman-Thackeray partnership in the last year and grows Fogelman’s Atlanta portfolio to more than 4,700 units.
Built in 1998, Retreat at Steeplechase is a 390-unit resort-style apartment community located in northwest Houston and minutes from FM 1960, Willowbrook Mall and the West Houston Energy Corridor. The community is 94% occupied and offers one, two, and three-bedroom apartment homes. Retreat at Steeplechase will also be managed by Fogelman. As part of the investment plan, Retreat at Steeplechase will receive upgrades to the unit interiors, exteriors, clubhouse and pool area. Fogelman acquired Retreat at Steeplechase through a joint venture with New York-based company, DRA Advisors. The closing marks the third acquisition for the Fogelman-DRA Advisors partnership in the last year and grows Fogelman’s Houston portfolio to more than 1,300 units.
With the September closings, Fogelman’s 2019 investment activity surpassed 2,000 apartment homes totaling more than $267 million in investment activity.
“We are thrilled to add both Lakeside at Arbor Place and Retreat at Steeplechase to our growing portfolios with Thackeray and DRA Advisors,” says Mike Aiken, VP of Acquisition at Fogelman. “Both communities are located in prime submarkets with strong economic outlooks and excellent access to sought-after school systems and nearby employment corridors. As active investors and experienced property managers, we look forward to the continued relationship expansion with two long-time partners.”
Fogelman Properties (Fogelman) is one of the country’s largest and most experienced privately- owned multifamily investment and property management companies. As a fully integrated company, Fogelman specializes in multifamily acquisitions, property management, construction management, and asset management. Founded in 1963, Fogelman operates 88 multifamily communities totaling 28,000 apartment homes spread across 10 states in the Southeast, Southwest, and Midwest. For more information about Fogelman, please visit www.fogelman.com or follow on Facebook, Twitter and Instagram.