A joint venture comprised of Memphis‐based Fogelman Venture Partners and New York‐based DRA Advisors, LLC announced today that it recently acquired two apartment communities in Houston, Texas:
- Gramercy Park Apartments is a 384 unit apartment community located in Houston’s Westchase submarket. This community was built in 1998 and offers one, two, and three bedroom floorplans ranging from 660 ‐ 1,268 square feet, with rental rates ranging from $737 to $1,307 per month. Community amenities include a fitness center, movie theater, swimming pool, and business center. Gramercy Park was 95% occupied at the time of the acquisition.
- The Villages of Briar Forest is 240 unit apartment community located along the “Energy Corridor” in West Houston. This community was built in 1999 and offers one, two, and three bedroom floorplans ranging from 690 ‐ 1,256 square feet, with rental rates ranging from $814 to $1,384 per month. Community amenities include a fitness center, two swimming pools, and a business center. The Villages of Briar Forest was 96% occupied at the time of the acquisition.Rick and Mark Fogelman of Memphis‐based Fogelman Properties are the principals of Fogelman Venture Partners. According to Rick Fogelman, “The Houston apartment market is experiencing rapid growth in rental rates and occupancies. This is largely a result of Houston adding nearly 100,000 new jobs in the past 12 months, the second highest total in the country. Gramercy Park and The Villages of Briar Forest are both located within major employment corridors, which positions these assets well for continued growth. We are continuing to seek out additional acquisition opportunities in t the Houston area.”
Fogelman Management Group will manage the newly acquired property. Founded in 1963 and headquartered in Memphis, TN, the firm presently manages 60 apartment communities totaling over 18,000 apartment homes Southeast, Southwest and Midwest regions of the country.
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