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| Mike Aiken |
MEMPHIS, TN -- 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 two
communities: Lakeside at Arbor Place, located in the west metropolitan
Atlanta suburb of Douglasville, Ga., and Retreat at Steeplechase,
located in Houston, Texas.
Built in two phases in 1988 and 1996, Lakeside at Arbor
Place is a 246-unit apartment community located in Atlanta’s most
active commercial and logistics hub within minutes from downtown,
Cumberland-Vinings and Hartsfield-Jackson International Airport.
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| Lakeside at Arbor Place apartments, Douglasville, GA |
The
community is 96% occupied and offers one, two, and three-bedroom apartment
homes.
Lakeside
at Arbor Place will be managed by Fogelman with rental rates ranging from $904
to $1,385. The community 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 company, 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.
Built in 1998, Retreat at Steeplechase is a
390-unit resort-style apartment community located in northwest Houston and
minutes from FM 1960, Willowbrook Mall and the West Houston Energy Corridor.
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| Retreat at Steeplechase, Houston, TX |
The community is 94% occupied and offers one,
two, and three-bedroom apartment homes. Retreat at Steeplechase will also be
managed by Fogelman.
As part of the investment plan, Retreat at
Steeplechase will receive upgrades to the unit interiors, exteriors, clubhouse
and pool area.
Fogelman acquired Retreat at Steeplechase
through a joint venture with New York-based company, DRA Advisors. The
closing marks the third acquisition for the Fogelman-DRA Advisors partnership
in the last year and grows Fogelman’s Houston portfolio to more than 1,300
units.
With the September closings, Fogelman’s 2019 investment activity
surpassed 2,000 apartment homes totaling more than $267 million in investment
activity.
“We are thrilled to add both Lakeside at Arbor Place
and Retreat at Steeplechase to our growing portfolios with Thackeray
and DRA Advisors,” says Mike Aiken, VP of Acquisition at Fogelman.
“Both
communities are located in prime submarkets with strong economic outlooks and
excellent access to sought-after school systems and nearby employment
corridors.
"As active investors and experienced
property managers, we look forward to the continued relationship expansion with
two long-time partners.”
CONTACT:
Brittanie Clement Price, BCENE Public Relations
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