Fogelman Properties Buys Another Houston Project, Market briefs

Fogelman adds another multifamily purchase to its Houston portfolio, the 390-unit Retreat at Steeplechase.

HOUSTON, – Fogelman Properties, a Memphis-based multifamily firm, has purchased two apartment communities, including one in Houston, for $83 million.

Fogelman bought two communities: Retreat at Steeplechase, located in Houston, and the Lakeside at Arbor Place, located in the west Atlanta suburb of Douglasville, Ga.

Built in 1998, Retreat at Steeplechase is a 390-unit resort-style apartment project located in northwest Houston and minutes from FM 1960, Willowbrook Mall and the West Houston Energy Corridor. The community is 94% occupied and it will receive upgrades to the unit interiors, exteriors, clubhouse and pool area. Fogelman purchased Retreat at Steeplechase through a joint venture with New York-based DRA Advisors.

The closing marks the third purchase for the Fogelman-DRA Advisors partnership in the last year and grows Fogelman’s Houston portfolio to more than 1,300 units.

In Georgia, built in two phases in 1988 and 1996, the Lakeside at Arbor Place is a 246-unit apartment project. The community is 96% occupied with rental rates ranging from $904 to $1,385. Lakeside at Arbor Place was purchased in a joint venture with Fogelman and Dallas-based company, Thackeray Partners.