Acquisition marks fifth Joint venture with Thackeray Partners
Memphis, Tenn., January 2, 2018: Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, announced the acquisition of the 284-unit Nesbit Ferry Crossing Apartments, located in Alpharetta, Georgia.
Built in 1987, the community is currently 96% occupied and offers one, two, and three-bedroom apartment homes starting from $1,023. The newly-acquired property will be renamed Station Heights Apartments and is expected to receive enhancements to the common area amenities and upgrades to unit interiors in connection with the investment.
Fogelman acquired Station Heights through a joint venture with Dallas-based real estate investment company, Thackeray Partners. Since 2015, the Fogelman-Thackeray partnership has acquired five multifamily communities totaling more than 1,300 apartment homes, with an aggregate value of over $150 million.
“We are thrilled to add this high-quality asset to our local Atlanta portfolio, which now totals more than 3,300 apartment homes,” says Matthew Day, Senior Vice President of Investment. “As active investors and seasoned property managers with more than 30 years’ experience in the local market, we’re quite bullish on Atlanta, and in particular the suburban areas such as Alpharetta. Station Heights is well-positioned for the future with the tremendous regional growth, an expanding local employment base and our upcoming property enhancements.”
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 80 multifamily communities totaling 28,000 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.