HOUSTON – The 660-unit Artesian on Westheimer apartment community has been acquired by a joint venture between Memphis-based Fogelman Properties and DRA Advisors of New York.
Currently 92 percent occupied, the community benefits from convenient access to Houston’s Energy Corridor and the Westchase business district, according to Mike Aiken, vice president of acquisitions for Fogelman.
Since forming their partnership in 2003, Fogelman and DRA Advisors have purchased 27 multifamily properties totaling more than 8,800 apartment homes, with a combined value exceeding $870 million. Fogelman, based in Memphis, has been active this quarter and closed approximately $135 million in transactions since January.
Constructed in two phases between 2006 and 2009, the Artesian features one-, two- and three-bedroom floor plans with rents ranging from $1,066 to $1,719 per month. Bridge Investment Group served as the seller in the transaction.
