Fogelman Properties has expanded its footprint in South Carolina with the acquisition of Walden Oaks, a 240-unit multifamily community in Anderson.
The privately owned multifamily investment and property management firm, based in Memphis, Tennessee, continues its push in the Sun Belt. Over the past three years, it has acquired 16 properties with nearly 5,000 units in Florida, Georgia, South Carolina, Tennessee, and Texas.
In the last 12 months alone, Fogelman has closed $292 million in multifamily assets. Looking ahead to the next two years, the firm is expecting to close approximately $500 million in multifamily assets with the maintenance of long-term capital relationships and the expansion of current equity partners.
Fogelman has joint-ventured with Dallas-based Thackeray Partners on the purchase of Walden Oaks. This marks the 14th acquisition for the partnership, which totals more than 2,700 units.
Built in 2007, Walden Oaks is comprised of one-, two-, and three-bedroom apartments with open floor plans, 9-foot ceilings, and walk-in closets. Rents for the community, which is 97% occupied, start at $1,179. The new ownership plans to renovate unit interiors as well as upgrade the fitness center, the clubhouse, and the pool area.
“Anderson is the top-ranked submarket in the Greenville MSA for rent growth,” said Mike Aiken, senior vice president of investments at Fogelman. “We are excited to make another investment in the Upstate region and add Walden Oaks to our expanding portfolio with Thackeray.”
Earlier this fall, the partners acquired the 158-unit Serene at Creekstone community in Athens, Georgia. Built in 2001, this community features one- and two-bedroom apartments with rents starting at $984. The property also will undergo interior unit renovations and community upgrades, such as fitness center improvements and updates to the outdoor grilling area and pavilions.
“Serene at Creekstone represents a move for Fogelman into a new product type with the single-family rental-style housing, which continues to gain in popularity with prospective residents,” said Aiken.
