Acquisition of Artesian Marks 27th Joint Venture Investment with DRA Advisors
HOUSTON, FEBRUARY 28, 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 Artesian on Westheimer, a 660-unit multifamily community located in Houston.
Built in two phases between 2006 and 2009, the community is 92% occupied and offers one, two, and three-bedroom apartment homes ranging from $1,066 to $1,719 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 creation of a market-leading fitness facility.
Fogelman acquired Artesian on Westheimer through a joint venture with New York-based DRA Advisors. Since 2003, the Fogelman-DRA partnership has acquired 27 multifamily communities totaling more than 8,800 apartment homes, with an aggregate value of more than $870 million.
“Artesian on Westheimer presents a great opportunity to expand our partnership’s presence in West Houston, particularly within a neighborhood that serves both the Energy Corridor and Westchase employment markets,” says Mike Aiken, Vice President of Acquisitions for Fogelman Properties. “The homes are well suited for young families and professionals with distinctive ‘big house’ unit designs including large floor plans and attached garages. The unique layouts often serve as a key differentiator compared to nearby properties.”