MEMPHIS, TN - Fogelman Properties (“Fogelman”), one of the country’s largest, privately-owned multifamily investment and property management companies, is pleased to announce the acquisition of The Vineyards of Germantown, a 200-unit luxury rental community located in Germantown, Tennessee. This purchase marks the company's continued expansion in its hometown market, where Fogelman currently oversees 32 communities totaling more than 7,800 units.
Built in 1997, The Vineyards features one, two and three-bedroom apartment homes with rental rates starting at $1,200 per month. The recently acquired property is 93% occupied and managed by Fogelman.
Fogelman’s investment plan includes renovations to the unit interiors, construction of a new pickleball court, as well as targeted enhancements to the clubhouse, fitness center, grilling pavilion and pool areas.
“We are extremely excited to add The Vineyards of Germantown to the Fogelman portfolio. This high-quality property is located along the rapidly growing Germantown Medical Corridor, within the most desirable suburb in the Memphis MSA,” said Mark Fogelman, Co-CEO of Fogelman. “Our investment strategy is to build on the long-term success of The Vineyards by reinvesting in the property’s amenities and apartment interiors. As a Memphis-based company founded in 1963, our acquisition of the Vineyards further reinforces Fogelman’s long- term commitment to the Memphis area.”
Fogelman acquired The Vineyards through a joint venture with the Dallas-based company, Thackeray Partners. The closing marks the 18th acquisition for the Fogelman-Thackeray partnership, totaling more than 4,000 units.
The Vineyards is Fogelman’s second acquisition over the past 45 days, following the year-end purchase of Inkwell Greenhouse, a 300-unit luxury rental community located in Katy, Texas. Fogelman’s management portfolio currently encompasses 111 communities, totaling more than 31,000 units across its 12-state footprint.