148 Units Leased Less Than Five Months After Opening
MEMPHIS, Tenn., May 29, 2018: Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, is pleased to announce Phase I of the Tennessee Brewery is now completely leased.
The first phase of the mixed-use community is currently 100% leased and accomplished stabilization in record time with leasing complete less than five months after the first units moved into the main Tennessee Brewery building.
“The Tennessee Brewery has quickly become one of most profiled Memphis development projects and is a proven success story of adaptive reuse in Memphis,” says Mark Fogelman, President of Fogelman Properties. “Billy and his team took an old, dilapidated building and radically transformed it into an incredibly vibrant development with marketable rents and exceptional features.”
According to Fogelman, the property opened its doors in late December 2018 and has since become the real estate company’s fastest “opening to stabilization” community during this cycle.
“We’re thrilled to see the response to the Tennessee Brewery and remain quite impressed with our team’s ability to quickly activate the space and execute on the strategic marketing plan,” says Billy Orgel, lead developer for 495 TN Partners. “We look forward to continued excitement and demand around the project as we improve the retail mix of the neighborhood and transform a key area in downtown Memphis.”
Construction on Phase II of the Tennessee Brewery, which includes an additional 121 units, will begin early July 2018 with expected delivery in summer 2019.
ABOUT FOGELMAN PROPERTIES
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 presently operates 88 multifamily communities totaling 27,000 apartment homes, spread across 10 states in the Southeast, Southwest and Midwest regions of the country. Fogelman is headquartered in Memphis, TN, with offices in Atlanta, GA; Dallas, TX: Raleigh, NC; Houston, TX; Kansas City, KS; and Orlando FL. For more information about Fogelman, please visit www.fogelman.com or follow on Facebook, Twitter and Instagram.
ABOUT BILLY ORGEL & 495 TN PARTNERS
Over the years, Billy Orgel and his colleagues at 495 TN Partners became interested in preserving historic buildings in Downtown Memphis. To date, he and his partners have completed new construction and the preservation of several high-profile developments with mixed-use commercial spaces and multifamily homes. In addition to leading the rehabilitation of the Tennessee Brewery, Billy and his partners are also responsible for redevelopment projects such as: Cornerstone Flats at 114 South Main, South Junction, the former Justine’s restaurant, Main Street Flats, the former American Snuff Co. manufacturing plant, Radio Center Flats, South Junction and the Station 3 Fire House.
ABOUT TENNESSEE BREWERY
Part of the Memphis landscape since 1890, the Tennessee Brewery has a 128-year history of bringing people together, from its early 20th-century heyday as a beer producer and distributor to its current incarnation as a trio of modern residences. The smartly appointed new homes of The Brewery provide Mississippi River views previously unprecedented in the rental market, including direct entry to Butler Park and the Riverwalk. Apartment homes range from studios starting at $760 to two-bedroom units up to $3,215. The Tennessee Brewery is located at 495 Tennessee Street Memphis, TN 38103. For more information, please visit http://www.atthebrewery.com/.
For further information, please contact:
Brittanie C. Price, BCENE Public Relations