Fogelman-Thackeray JV Acquires Two Multifamily Properties in SC, FL
Since 2015, the Fogelman-Thackeray partnership has acquired seven multifamily communities totaling more than 1,800 units, with an aggregate value of more than $220 million.
MEMPHIS, TN—A joint venture of locally-based Fogelman Properties and Thackeray Partners of Dallas has acquired two Southeast communities totaling more than 500 units for a combined investment of $67 million.
The joint venture purchased Legends at Charleston Park in Charleston, SC and Westridge in Jacksonville, FL. Since 2015, the Fogelman-Thackeray partnership has acquired seven multifamily communities totaling more than 1,800 units, with an aggregate value of more than $220 million.
“We are thrilled to add both Legends at Charleston Park and Westridge to our growing portfolio with Thackeray,” says Mark Fogelman, president of Fogelman Properties. “Both communities are located in prime submarkets in growing MSAs with a strong economic outlook. As active investors and seasoned property managers, we look forward to continued growth within our long-standing relationship with Thackeray Partners.”
Developed in 2005, Legends at Charleston Park is a 232-unit garden style community that offers one-, two-, and three-bedroom apartment homes. The property is 94% occupied with monthly rental rates ranging from $970 to $1,450. Legends at Charleston Park is expected to receive enhancements to the common area amenities and upgrades to unit interiors in connection with the investment, Fogelman Properties states.
Westridge was built in 2008 and consists of 312 apartment homes ranging from one- to three-bedrooms. The recently-acquired Jacksonville community is 95% occupied with rental rates ranging from $870 to $1,200. As part of the investment plan, Westridge will undergo a full re-branding which includes a multi-million-dollar property renovation, the new ownership reports.
Fogelman operates 88 multifamily communities totaling 27,000 apartment homes spread across 10 states in the Southeast, Southwest and Midwest. Since its inception in 2005, Thackeray has closed or committed to transactions totaling more than $4.5 billion, representing equity placements of approximately $930 million. Total investment activity includes nearly 200 separate transactions representing more than 20,500 apartment units, nearly 19 million square feet of industrial space.