Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, has acquired two properties, including one in Douglasville.
Fogelman, based in Memphis, acquired Lakeside at Arbor Place and another property in Houston, Retreat at Steeplechase. The acquisitions, which took place last month, amount to $83 million and add more than 600 apartment homes through joint venture partners.
Built in two phases in 1988 and 1996, Lakeside at Arbor Place is a 246-unit apartment community that is 96 percent occupied. The community, to be managed by Fogelman, is expected to receive full renovations to unit interiors, the clubhouse and the fitness center, in addition to landscape upgrades.
Lakeside at Arbor Place was acquired in a joint venture with Fogelman and Dallas-based Thackeray Partners.
The closing marks the third acquisition for the Fogelman-Thackeray partnership in the last year and grows Fogelman’s Atlanta portfolio to more than 4,700 units. Fogelman purchased Crestmark Apartments in January and Ashford East Village in June.
With the September closings, Fogelman’s 2019 investment activity surpassed 2,000 apartment homes totaling more than $267 million in investment activity.
Founded in 1963, Fogelman operates 88 multifamily communities totaling 28,000 apartment homes spread across 10 states in the Southeast, Southwest and Midwest.