Memphis, Tenn.–based Fogelman Properties has announced the third and fourth multifamily investments made in its partnership with Dallas-based Thackeray Partners: Addison on Cobblestone and Polos at Hudson Corners, which together total 540 units.
Addison on Cobblestone, a 248-unit community in the Atlanta suburb of Fayetteville, was built in two phases, in 1991 and 2002. Its one- to three-bedroom units rent from $801 to $1,072 per month. The property is 96% occupied.
Polos at Hudson Corners is a 292-unit, 1998-vintage community in the Greenville suburb of Greer, S.C. Rental rates for its one- to three-bedroom units range from $767 to $1,168, and the community is 92% occupied.
“We are extremely excited to add these two quality assets to our portfolio,” Rick Fogelman said in a release. “The local economies in both Atlanta and Greenville are quite strong, and we feel these two assets are well positioned to benefit from the expanding employment growth taking place in the immediate areas. Further, our upcoming community [improvements] will provide our residents with updated amenities and several property enhancements.”
Fogelman and Thackeray plan to upgrade the unit interiors and add new common-area amenities in their newly acquired developments.
Fogelman currently manages 25,000 apartment units across 82 communities in the Midwest, Southeast, and Southwest. Thackeray, a real estate investment firm, has undertaken investment activity representing more than 18,500 apartment units.