Joint Venture with Thackeray Partners Expands Market Footprint with Crestmark Apartments
MEMPHIS, Tenn., January 11, 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 Crestmark Apartments in Douglasville, Ga.
Developed in two phases in 1992 and 1994, Crestmark Apartments is a 334-unit garden-style community that offers one, two and three-bedroom apartment homes. The newly-acquired property is 98% occupied with rental rates ranging from $800 to $1,400. Crestmark Apartments is expected to receive enhancements to common area amenities and upgrades to unit interiors in connection with the investment.
Fogelman acquired Crestmark Apartments through a joint venture with the Dallas-based company, Thackeray Partners. The closing marks the fourth acquisition for the Fogelman-Thackeray partnership in the last six months and grows Fogelman’s Atlanta portfolio to more than 4,500 units. Since 2015, the Fogelman-Thackeray partnership has acquired nine multifamily communities totaling more than 2,400 units, with an aggregate value of more than $300 million.
“Crestmark fits nicely within our partnership’s strategy: to acquire properties in middle tier price point submarkets with strong fundamentals, and limited supply,” says Mike Aiken, Vice President of Acquisitions for Fogelman Properties. “The community is located just minutes from downtown, Cumberland-Vinings and Hartsfield-Jackson International Airport in Atlanta’s most vibrant commercial and logistics hub on the west side.”
Crestmark Apartments offers a host of desirable features including spacious fully-equipped kitchens, washer and dryer connections, bay windows, garden-style tubs and generous walk-in closets. The community also features two outdoor swimming pools, a resort-style clubhouse, a business center, a fitness center, running and walking trails and covered parking.