Memphis‐based Fogelman Properties announced today the acquisition of Grove Point Apartments, a 312‐unit Class B garden style multifamily apartment community located in Norcross, Georgia (Metro Atlanta).
Grove Point was built in 1990 and offers one, two, and three bedroom apartment homes, with rental rates ranging from $730‐$1,215 per month. The property benefits from a highly convenient location and numerous resident amenities including a resort‐style swimming pool, fitness center, clubhouse with business center, playground, sport court, and dog park. Grove Point is currently 96% occupied.
Fogelman acquired Grove Point in a joint venture with Dallas‐based Thackeray Partners and marks the second Atlanta‐area multifamily acquisition by the Fogelman/Thackeray partnership in the past year. The partnership’s prior Atlanta acquisition was the 196‐unit Hamptons at East Cobb, which was acquired in 2015.
Commenting on the acquisition, Rick Fogelman said, “We are thrilled to have another acquisition in Atlanta, a market where we have owned and managed multifamily investments for the past 30 years. The Atlanta economy and local apartment market are extremely strong, and we believe Grove Point is well positioned to benefit from these positive fundamentals for years ahead.”
Fogelman Management Group will manage the newly acquired property. Founded in 1963 and headquartered in Memphis, TN, the firm presently manages 78 apartment communities totaling 23,000 apartment homes throughout the Southeast, Southwest and Midwest. Fogelman’s local Atlanta portfolio includes 15 multifamily communities totaling over 3,400 apartment homes.