Source: Fogelman Properties
SAVANNAH, GA - Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, announced the acquisition of Legends of Chatham apartments in Savannah, Ga.
Developed in 2015, Legends at Chatham is a 255-unit garden-style community that offers one, two and three-bedroom apartment homes. The newly acquired property is 90% occupied with rental rates ranging from $1,035 to $1,475. In conjunction with the acquisition, the community is expected to receive renovations to the unit interiors, the clubhouse and the fitness center, in addition to landscape upgrades and a redesign of the pool area.
Fogelman acquired Legends of Chatham through a joint venture with the Dallas-based company, Thackeray Partners. The closing marks the 11th acquisition for the Fogelman-Thackeray partnership, totaling more than 2,900 units, with an aggregate value of more than $380 million.
“We are excited to add Legends at Chatham to our expanding portfolio with Thackeray,” says Mike Aiken, SVP of Investments at Fogelman. “Migration patterns since the pandemic have accelerated in favor of southeastern cities like Savannah, and this property is located in a submarket with strong accessibility to the growing set of demand drivers in the region.”