Fogelman Properties announced today the recent acquisition of twomultifamily communities totaling 540 apartment homes:
Addison at Cobblestone -a 248unit multifamily apartment community located in Fayetteville, Georgia, part of the Atlanta metro area. Addison was built in two phases in 1991 and 2002 and offers one, two, and three bedroom apartmenthomes, with rental rates ranging from $801-$1,072per month. The community is currently 96% occupied. Polos at Hudson Corners -a 292unit multifamily apartment community located in Greer, South Carolina, part of the Greenville metro area.
Polos at Hudson Corners was built in 1998and offers one, two, and three bedroom apartment homes, with rental rates ranging from $767-$1,168 per month. The community is currently 92% occupied.
Fogelman acquired both of these communities in a joint venture with Dallas-based Thackeray Partners. These communities mark the third and fourth multifamily investments by the Fogelman/Thackeray partnership since 2015. The new owners plan to implement community enhancements to both properties, including common area amenities as well as upgrades to the interiors of the apartment homes.
Commenting on the acquisitions, Rick Fogelman said, “We are extremely excited to add these two quality assets to our portfolio. The local economies in both Atlanta and Greenville are quite strong, and we feel these two assets are well positioned to benefit from the expanding employment growth taking place in the immediate areas. Further, our upcoming community enhancements will provide our residents with updated amenities and several property enhancements.”
Fogelman Properties is Memphis, Tennessee based real estate investment company whose affiliates have been actively involved in the ownership, acquisition, and property management of multifamily properties since 1963. Fogelman’s property management arm, Fogelman Management Group, currently manages 82communities totaling25,000 apartment homes throughout the Southeast, Southwest and Midwest.