 |
| Fields Waterford Point offers one, two, and three-bedroom apartment homes with rental rates ranging from $750 to $1,300. |
ATLANTA, GA, JULY 14, 2020 -- Fogelman
Properties, one of the country’s largest, privately-owned and fully integrated
multifamily investment and property management companies, is pleased to
announce the acquisition of Fields Waterford Point, a 334-unit
multifamily community located in Lithia Springs, Ga.
Developed in three phases from 1989 to 1992, Fields Waterford
Point offers one, two, and three-bedroom apartment homes with rental rates
ranging from $750 to $1,300.
 |
| Mike Aiken |
The newly acquired property will undergo a
planned rebrand to 670 Thornton in conjunction with community
upgrades, including renovations to all unit interiors and community
enhancements across the common area amenities.
Fogelman acquired Fields Waterford Point through a joint venture
with New York-based DRA Advisors.
Since 2003, the Fogelman-DRA partnership has
acquired 31 multifamily communities totaling more than 10,000 apartment homes,
with an aggregate value of more than $1 billion.
"The asset was previously performing below the market occupancy level. We're now off to a strong start and have experienced meaningful growth in the first 45 days of ownership, despite closing this transaction during the pandemic,” says Mike Aiken, SVP of Investments for Fogelman Properties.
“670 Thornton marks our fifth acquisition in the
Atlanta market in the last 18 months. It’s another opportunity for our
operational team to enhance asset performance as part of the repositioning
strategy for the community.”
CONTACT:
Brittanie Price
BCENE
Public Relations
703.967.4771
No comments:
Post a Comment