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: Legends at Charleston Park, located in Charleston SC and Westridge, located in Jacksonville, Fla.
Developed in 2005, Legends at Charleston Park is a 232-unit garden style community that offers one, two, and three-bedroom apartment homes. The newly-acquired property is 94% occupied with rental rates ranging from $970 to $1,450. Legends at Charleston Park is expected to receive enhancements to the common area amenities and upgrades to unit interiors in connection with the investment.
Westridge was built in 2008 and consists of 312 apartment homes ranging from one to three-bedrooms. The recently-acquired Jacksonville community is 95% occupied with rental rates ranging from $870 to $1,200. As part of the investment plan, Westridge will undergo a full re-branding which includes a multi-million dollar property renovation.
Fogelman acquired both communities through a joint venture with the Dallas-based company, Thackeray Partners. Since 2015, the Fogelman-Thackeray partnership has acquired seven multifamily communities totaling more than 1,800 units, with an aggregate value of over $220 million.
“We are thrilled to add both Legends at Charleston Park and Westridge to our growing portfolio with Thackeray,” says Mark Fogelman, President of FogelmanProperties. “Both communities are located in prime submarkets in growing MSA’s with a strong economic outlook. As active investors and seasoned property managers, we look forward to continued growth within our long-standing relationship with Thackeray Partners.”
About Fogelman: Fogelman Properties (Fogelman) is one of the country’s largest and most experienced privately-owned multifamily investment and property management companies. As a fully integrated company, Fogelman specializes in multifamily acquisitions, property management, construction management, and asset management. Founded in 1963, Fogelman operates 88 multifamily communities totaling 27,000 apartment homes spread across 10 states in the Southeast, Southwest, and Midwest.
For more information about Fogelman, please visit www.fogelman.com