Fogelman Transaction Volume Reaches More Than $100M

JACKSONVILLE, FL—Memphis-based Fogelman Properties has acquired the 268-unit Reserve Bartram Springs Apartments here in a joint venture with the Dallas-based Thackeray Partners.

Although the firm did not release financial details on the transaction, it did report that the purchase helped boost its acquisition activity to more than $100 million.

“The community was a great fit for our partnership as it sits directly within the path of growth in southeast Jacksonville and is located within one mile of the Pavilion at Durbin Park, a 2.4-million-square-foot mixed-use development, which is currently under construction,” says Mike Aiken, VP of acquisitions for Fogelman Properties.

Developed in 2006, Reserve Bartram Springs features one, two, and three-bedroom apartment homes. The property is 96% occupied with rental rates ranging from $950 to $1,440. Reserve Bartram Springs is expected to receive enhancements to the common area amenities and upgrades to unit interiors in connection with the investment, the company reports.

The closing on the property marks the second Jacksonville acquisition for the Fogelman-Thackeray partnership in the past 120 days and grows Fogelman’s Jacksonville portfolio to more than 1,900 units.

Since 2015, the Fogelman-Thackeray partnership has acquired eight multifamily communities totaling more than 2,000 units, with an aggregate value of more than $260 million.