Fogelman Properties, based in Memphis, Tenn., recently bought the Lakeside at Arbor Place apartment community in Douglasville, Ga., and Retreat at Steeplechase in Houston for undisclosed figures from anonymous sellers.
The Lakeside at Arbor Place transaction was the product of a joint venture with Dallas-based 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.
Lakeside at Arbor Place is a 246-unit apartment community located about 25 miles west of downtown Atlanta that offers one-, two-, and three-bedroom apartment homes and was 96% occupied at the time of sale. The new acquisition will be managed by Fogelman with rental rates ranging from $904 to $1,385. The new owner anticipates making full renovations to unit interiors, the clubhouse, and the fitness center while also upgrading the landscaping.
Courtesy Fogelman Properties
The Retreat at Steeplechase in Houston
The Retreat at Steeplechase was built in 1998 and is a 390-unit resort-style apartment community located in northwest Houston. The community is 94% occupied and offers one-, two-, and three-bedroom apartment homes. Upgrade plans are on tap for the community’s unit interiors, exteriors, clubhouse, and pool area. Fogelman acquired Retreat at Steeplechase through a joint venture with New York-based 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.
“We are thrilled to add both Lakeside at Arbor Place and Retreat at Steeplechase to our growing portfolios with Thackeray and DRA Advisors,” said Mike Aiken, vice president 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 longtime partners.”
The two most recent acquisitions brings Fogelman’s 2019 investment scores to over 2,000 apartment units totaling more than $267 million in investment activity.