Fogelman Properties announced today its recent acquisition of the 368‐unit Sandstone Creek Apartments in Overland Park, Kansas.
Sandstone Creek is a Class “A” luxury apartment community located in heart of Overland Park, Kansas. The property is situated in the newest growth corridor of affluent Johnson County and sits immediately across from the 1.1 million square foot Corbin Park retail village. Sandstone Creek was built in 2000 offers one, two, and three bedroom apartment homes, with rental rates ranging from $854‐$1,477 per month. The community is currently 93% occupied.
Fogelman acquired Sandstone Creek in a joint venture with New York based DRA Advisors and marks the 24th property acquisition by the Fogelman/DRA partnership since 2003, totaling more than $600 million. The new owners plan to take advantage of the strong local economy and multifamily market by implementing enhancements to common area amenities as well as upgrades to the interiors of the apartment homes.
Commenting on the acquisition, Rick Fogelman said, “We are excited to add this high quality asset to our local Kansas City portfolio, which now totals more than 2,600 apartment homes. We have been an active investor and property manager in Kansas City for the past 30 years and we are very bullish on the overall area, particularly the Overland Park submarket. With an expanding local employment base and the planned property enhancements, we feel Sandstone is well positioned for the future.”
About Fogelman Properties
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 82 communities totaling more than 25,000 apartment homes throughout the Southeast, Southwest and Midwest.
About DRA Advisors
DRA Advisors is a private equity real estate firm formed in 1986. Headquartered in New York City, DRA Advisors has acquired over $28.0 billion of real estate investments during its history. DRA currently has over $10 billion of assets under management including more than 70.0 million square feet of commercial real estate and over 12,000 residential units.