Fogelman Properties has acquired One Rocky Ridge, a 300-unit multifamily community in Douglasville, Georgia.
The privately owned and fully integrated multifamily investment and property management company, based in Memphis, Tennessee, purchased the community through a joint venture with New York-based DRA Advisors. Since 2003, Fogelman and DRA Advisors have acquired 34 multifamily communities with more than 11,000 apartment homes and an aggregate value of more than $1.5 billion. Since the beginning of 2020, they have completed $160 million in investments and have a joint venture holding with more than 4,600 apartment homes.
“We’re excited to expand our portfolio with DRA Advisors and our presence in one of the top-performing submarkets of Atlanta,” said Mike Aiken, senior vice president of investments at Fogelman Properties. “In addition to being the primary health care and retail hub for the western suburbs of Atlanta, Douglasville continues to benefit from the industrial/logistics growth spilling over from the Fulton Industrial Corridor. This is the fourth property we’ve acquired in Douglas County since January 2019, and we’re just getting started.”
One Rocky Ridge, built in 2003, offers one-, two-, and three-bedroom units with monthly rents ranging from $950 to $1,400. The newly acquired property is 95% occupied and managed by Fogelman. Extensive community upgrades, including renovations to all in-unit kitchens, living rooms, and bathrooms, as well as enhancements across the common area amenities, are planned for the community.
Founded in 1963, Fogelman operates 94 multifamily communities with more than 28,000 units in 10 states in the Southeast, Southwest, and Midwest.
