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| Photos by Bridge Investment Group Artesian on Westheimer Apartments, Houston, TX |
HOUSTON, TX, FEB. 28, 2019: 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 Artesian on Westheimer, a 660-unit
multifamily community located in Houston.
Built in two phases
between 2006 and 2009, the community is 92% occupied and offers one, two, and
three-bedroom apartment homes ranging from $1,066 to $1,719 per month.
The newly-acquired
property is expected to receive upgrades to unit interiors in connection with
the investment and community enhancements across the common area amenities
including the creation of a market-leading fitness facility.
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| Pool Area, Artesian on Westheimer, Houston, TX |
Fogelman acquired
Artesian on Westheimer through a joint venture with New York-based DRA
Advisors. Since 2003, the Fogelman-DRA partnership has acquired 27
multifamily communities totaling more than 8,800 apartment homes, with an
aggregate value of more than $870 million.
“Artesian on
Westheimer presents a great opportunity to expand our partnership’s presence in
West Houston, particularly within a neighborhood that serves both the Energy
Corridor and Westchase employment markets,” says Mike Aiken, Vice
President of Acquisitions for Fogelman Properties.
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| Mike Aiken |
For more information about Fogelman, please
visit www.fogelman.com
or follow on Facebook, Twitter and Instagram.
For more information about DRA, please
visit www.draadvisors.com.
Contact:
Brittanie
C. Price
BCENE Public
Relations
[p]
703 967 4771
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