Acquisition of Lake Cameron Apartments Marks 26th Joint Venture with DRA Advisors
RALEIGH, N.C., March 26, 2018: 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 the 328-unit Lake Cameron Apartments, located in Raleigh, North Carolina.
Built in 1988, the community is currently 95% occupied and offers one, two, and three-bedroom apartment homes ranging from $848-$1,249 per month. The newly-acquired property is expected to receive upgrades to unit interiors in connection with the investment, and community enhancements across the common area amenities including the clubhouse, pool area and fitness center, community playground, grilling pavilion and dog park.
Fogelman acquired Lake Cameron Apartments through a joint venture with New York-based DRA Advisors. Since 2003, the Fogelman-DRA partnership has acquired 26 multifamily communities totaling more than 8,800 apartment homes, with an aggregate value of more than $780 million.
“We are thrilled to further expand our longstanding partnership with DRA and add this high-quality asset to our local Raleigh portfolio,” says Rick Fogelman, CEO of Fogelman Properties. “As active investors and seasoned property managers with 30+ years’ experience in the local market and more than 4,000 apartment homes in our DRA partnership, we look forward to continued growth across the Raleigh-Durham region and within our long-standing relationship with DRA Advisors.”
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 DRA Advisors
DRA Advisors is an investment advisor specializing in real estate investment and management services for institutional and private investors. DRA has over $9.6 billion in assets under management. Since 1986, DRA’s focus has been consistent: conservative, value-added real estate investments in the office, retail, multi-family and industrial sectors in the United States. DRA’s acquisitions since inception include 1,600 properties valued at over $29 billion.
For further information, please contact:
Brittanie Clement, BCENE Public Relations