Fogelman Properties has expanded its Georgia footprint with the acquisition of a 255-unit garden-style multifamily community in Savannah. The privately owned and fully integrated multifamily investment and property management company purchased Legends at Chatham through a joint venture with Dallas-based Thackeray Partners. Details of the acquisition were not disclosed.
This closing marks the 11th acquisition for the Fogelman and Thackeray partnership, totaling more than 2,900 units with an aggregate value of more than $380 million.
Legends at Chatham was developed in 2015 and includes one-, two-, and three-bedroom apartments. It is 90% occupied with rents ranging between $1,035 and $1,475. The team plans to renovate unit interiors, the clubhouse, and the fitness center as well as upgrade landscaping and redesign the pool area.
“We are excited to add Legends at Chatham to our expanding portfolio with Thackeray,” says Mike Aiken, senior vice president of investments at Fogelman. “Migration patterns since the pandemic have accelerated in favor of Southeastern cities like Savannah, and this property is located in a submarket with strong accessibility to the growing set of demand drivers in the region.”
Founded in 1963, Fogelman operates 88 multifamily communities with 28,000 apartments across 10 states in the Southeast, Southwest, and Midwest. In Georgia alone, the company owns 19 properties with approximately 5,500 units. With the acquisition of Legends at Chatham, Fogelman owns three multifamily communities in Savannah.
