Fogelman Expands Texas Multifamily Portfolio, Market briefs

In Dallas, Fogelman Properties has expanded its Texas portfolio with the purchase of The Ovilla, a 288-unit multifamily community in Red Oak, south of Dallas.

Founded in Memphis in the 1960s, Fogelman is one of the country’s largest, privately-owned multifamily investment and property management companies.

With the purchase, Fogelman owns nine communities and manages 3,012 units across Texas. The company has invested in Texas since the 1970s.

Built in 2023, The Ovilla contains units ranging from 600 to 1,351 sq ft. Rents start $1,715 per month. The property is 95% occupied and will be managed by Fogelman.

“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.”

Fogelman’s other recent purchases include the 300-unit community Inkwell Greenhouse in Katy, and The Vineyards in Germantown, Tenn. The company purchased The Fenwick, a 258-unit complex in Humble in partnership with Thackeray Partners last year.

Fogelman Properties operates more than 120 multifamily communities totaling more than 35,500 units across 12 states in the Southeast, Southwest, and Midwest.