By Mary Cashiola – Managing Editor, Memphis Business Journal
A local company continues to find success with a Dallas-based partner.
Memphis-based Fogelman Properties announced $67 million in multifamily acquisitions Monday, Aug. 13. One of the country’s largest privately owned multifamily investment and property management companies, Fogelman recently bought two more apartment communities: Legends at Charleston Park in South Carolina and Westridge in Jacksonville, Florida.
Both communities were acquired through a joint venture with Dallas’ Thackeray Partners. Since 2015, the two companies have acquired seven multifamily developments together, with a total of more than 1,800 units and $220 million invested.
“We are thrilled to add both Legends at Charleston Park and Westridge to our growing portfolio with Thackeray,” said Mark Fogelman, president of Fogelman Properties. “Both communities are located in prime submarkets in growing [metropolitan statistical areas] with a strong economic outlook.”
Legends at Charleston Park is a 232-unit community with one-, two- and three-bedroom apartments. It was built in 2005; Fogelman plans to enhance common area amenities and do upgrades to unit interiors.
Westridge is newer, having been built in 2008, and a littler larger, with 312 units. That property will undergo a full rebranding and multimillion-dollar renovation.
In all, Fogelman operates 88 multifamily developments, totaling about 27,000 apartments across the South and the Midwest.
Link to article: Memphis Business Journal