Fogelman Properties and DRA Advisors have achieved their 31st joint-venture investment with the acquisition of Fields Waterford Point, a 334-unit multifamily community in Lithia Springs, Ga. Since 2003, the partnership has acquired more than 10,000 apartment units with an aggregate value of more than $1 billion.
This also marks the fifth acquisition in the Atlanta market over the last 18 months for Fogelman, one of the country’s largest, privately owned, and fully integrated multifamily investment and property management companies.
The newly acquired community will undergo a rebrand to 670 Thornton in conjunction with community upgrades, including renovations to all unit interiors and enhancements across the common area amenities. It offers one-, two-, and three-bedroom apartments with rents ranging from $750 to $1,300.
“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,” said Mike Aiken, senior vice president of investments for Fogelman. “It’s another opportunity for our operational team to enhance asset performance as part of the repositioning strategy for the community.”
Founded in 1963, Fogelman operates 88 multifamily communities with 28,000 units in 10 states across the Southeast, Southwest, and Midwest.