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 Ovilla, a 288-unit multifamily community located in Red Oak, part of the Dallas-Fort Worth (DFW) metro area. The purchase marks the company’s continued expansion in Texas as the company now owns nine communities and manages 3,012 units across the state.
Built in 2023, The Ovilla features apartment homes ranging from 600 to 1,351 square feet with rental rates starting at $1,715 per month. The recently acquired property is 95% occupied and will be managed by Fogelman. The capital improvement plan includes clubhouse and exterior amenity updates.
“Red Oak checks every box we look for; population is up roughly 31% since 2020, and new supply on the south side of Dallas has all but dried up,” said Thomas Henry, vice president of investments at Fogelman. “Just 2% of existing inventory in the submarket is set to deliver over the next 18 months, even as DFW keeps adding jobs faster than any other market in the country. That combination of population and job growth, coupled with limited new supply, positions Red Oak incredibly well, and The Ovilla gives us a strong foothold in the market.”
The Ovilla is Fogelman’s third acquisition in the last nine months following the purchase of The Vineyards in Germantown, Tenn., and Inkwell Greenhouse, a 300-unit luxury community in Katy, Texas. Fogelman’s management portfolio now encompasses more than 120 communities, totaling nearly 35,500 units across its 12-state footprint.
About Fogelman: Fogelman is one of the country’s largest and most experienced privately-owned multifamily investment management and property services companies. As a fully integrated company with more than 60 years in the industry, Fogelman specializes in multifamily acquisitions, asset management, property management and construction management. Nationwide, Fogelman operates more than 120 multifamily communities totaling more than 35,500 apartment homes across 12 states in the Southeast, Southwest and Midwest. Fogelman is an AMO that ranks as a nationwide Best Places to Work in Multifamily®, published annually by Multifamily Leadership. Fogelman is also recognized as one of Newsweek’s Most Loved Workplaces®. For more information about Fogelman, please visit www.fogelman.com or follow us on Facebook, LinkedIn and Instagram.