Lincoln at Wolfchase Marks the 35th Acquisition in Partnership with DRA Advisors
MEMPHIS, Tenn., January 18, 2022: Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, announced the acquisition of Lincoln at Wolfchase, a 408-unit apartment community in Memphis, Tennessee.
Built in 1998, Lincoln at Wolfchase offers one, two and three-bedroom apartment homes with rental rates ranging from $1,000-$1,400. The newly acquired property is 97% occupied and will be managed by Fogelman. Lincoln at Wolfchase will undergo $5M+ in extensive community upgrades, including renovations to all interior units, the clubhouse and the fitness center. Fogelman will also make enhancements to the exterior entry, pool area and signage.
“We’re thrilled to expand our hometown footprint with the purchase of Lincoln at Wolfchase. The property’s original 1990s vintage interiors and amenities provide a unique enhancement opportunity for the Fogelman team to modernize the property for our residents,” says Mike Aiken, SVP of Investments at Fogelman. “Memphis remains one of our largest and best-performing markets to date and we look forward to growing our activity in the area.”
Fogelman acquired Lincoln at Wolfchase through a joint venture with New York-based DRA Advisors. Since 2003, the Fogelman-DRA partnership has acquired 35 multifamily communities totaling more than 11,000 apartment homes and $1.5B in asset value. The current Fogelman-DRA portfolio now includes more than 5,300 apartment homes spread across Tennessee, Georgia, Kansas, Florida, Texas and North Carolina.
Headquartered in Memphis since 1963, Fogelman Properties manages properties across the city including The Tennessee Brewery, Thornwood and Bristol on Union. The company has grown from a local family-owned business to a leader in the multifamily industry with over $5B in asset value.
For more information, visit www.lincolnatwolfchase.com.