In January, Fogelman Properties acquired 540 units in Fayetteville, G.A. and Greer, S.C. in partnership with Thackeray Partners. A month later, the investor marked its 24th property acquisition in partnership with DRA Advisors with Sandstone Creek Apartments, a 368-unit Class A property in Overland Park, Kansas. With this most recent acquisition, Fogelman has expanded its multifamily portfolio by over 900 units in 2017 to date.
The 2000-vintage property is located directly across from a 1.1 million square-foot retail complex. It offers one- to three-bedroom apartments, which range from $854 to $1,477 per month.
Fogelman and DRA acquired the property for $48.1 million, and plan to implement common area and unit interior upgrades, with an eye toward taking advantage of the area’s strong local economy and active growth.
“We are excited to add this high quality asset to our local Kansas City portfolio, which now totals more than 2,600 apartment homes,” said Rich Fogelman in a statement to the press. “We have been an active investor and property manager in Kansas City for the past 30 years and we are very bullish on the overall area, particularly the Overland Park submarket. With an expanding local employment base and the planned property enhancements, we feel Sandstone is well positioned for the future.”
The Fogelman/DRA partnership has acquired more than $600 million in multifamily properties since 2003. Fogelman currently owns and manages over 25,000 apartment units across 82 communities, while DRA manages over 12,000 residential units and 70 million square feet of commercial space.
