HOUSTON – (Realty News Report) – Fogelman Properties, a Memphis-based multifamily real estate firm, has acquired two apartment communities, including one in Houston, in a transaction totaling $83 million.
The acquisitions include the Retreat at Steeplechase in Houston and the Lakeside at Arbor Place in Douglasville, a western suburb of Atlanta, Georgia.
Built in 1998, the Retreat at Steeplechase is a 390-unit, resort-style apartment community in northwest Houston, located minutes from FM 1960, Willowbrook Mall and the West Houston Energy Corridor. Currently 94% occupied, the community will undergo targeted upgrades to unit interiors, building exteriors, the clubhouse and the pool area. Fogelman purchased the Retreat at Steeplechase through a joint venture with New York-based DRA Advisors.
This closing represents the third acquisition by the Fogelman–DRA Advisors partnership within the past year and expands Fogelman’s Houston portfolio to more than 1,300 units.
In Georgia, the Lakeside at Arbor Place, developed in two phases in 1988 and 1996, is a 246-unit community that is currently 96% occupied. Current rents range from $904 to $1,385. Fogelman acquired Lakeside at Arbor Place in a joint venture with Dallas-based Thackeray Partners.
Oct. 1, 2019 Realty News Report Copyright 2019
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