Fogelman Properties just acquired One Rocky Ridge, a 300-unit multifamily community in Douglasville, the company announced April 19. This is Fogelman’s fourth acquisition in Douglas County since 2019.
Fogelman acquired One Rocky Ridge through a joint venture with New York-based DRA Advisors. Since 2003, the Fogelman-DRA partnership has acquired 34 multifamily communities totaling more than 11,000 apartment homes, with an aggregate value of more than $1.5 billion. Since the beginning of 2020, Fogelman and DRA Advisors have completed $160 million in investments and have a current joint venture holding totaling more than 4,600 apartment homes.
Developed in 2003, One Rocky Ridge offers one, two and three-bedroom apartment units with monthly rental rates ranging from $950 to $1,400. The newly acquired property is 95 percent occupied and managed by Fogelman. One Rocky Ridge will undergo extensive community upgrades, including renovations to all in-unit kitchens, living rooms and bathrooms, as well as overall community enhancements across the common area amenities.
Founded in 1963, Fogelman operates 94 multifamily communities totaling more than 28,000 apartment homes spread across 10 states in the Southeast, Southwest and Midwest.