All of the assets have occupancies in the 90s, according to CB Richard Ellis Inc.'s multifamily division in Memphis which structured the deal.

CBRE's Blake Pera, who co-brokered the transaction with Steve Rudesill, tells GlobeSt.com Fogelman picked up the assets just as Memphis completed one of its strongest construction periods in years during 2001.

"Being based in Memphis with a long history of operating in this market, Fogelman will be able to capitalize on the strengths of each individual property in the portfolio," Pera says. "The Memphis multifamily market has withstood most of the pressures from the downturn in the economy."

He says "the unexpected absorption in 2001 and a dropoff in new supply in 2002 should provide great opportunities during the upcoming months."

The acquired portfolio comprises the 278-unit, five-year-old Dogwood Creek, 1969 North Dogwood Creek Drive, in suburban Collierville, TN with average monthly rents of $810 and occupancy at closing of 94%.

The four metro Memphis properties are the 192-unit, 16-year-old Hunters Trace, 1730 Hunters Trace, with average rents of $665 and occupancy of 96%; the 376-unit, 15-year-old Trails at Kirby Parkway, 6503 Lost Oak Drive, with average rents of $576 and occupancy of 92%; the 272-unit, 17-year-old Briar Club, 6355 Briar Patch Lane, with average rents of $565 and occupancy of 93%; and the 208-unit, 13-year-old Cinnamon Trails, 3251 Knight Trails Circle, with average rent of $622 and occupancy of 95%.