Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, is pleased to announce the acquisition of Ashford East Village, a 371-unit multifamily community located in East Atlanta Village.
The community is 95% occupied and offers one, two and three-bedroom apartment homes ranging from $900 to $1,375 per month. The newly-acquired property is expected to undergo a rebranding and a mix of amenity area improvements. In connection with the investment, enhancements will emphasize a modern fitness facility and the continuation of interior unit renovations including the installation of quartz countertops, vinyl plank flooring and upgraded plumbing fixtures.
Fogelman acquired Ashford East Village through a joint venture with New York-based DRA Advisors. Since 2003, the Fogelman-DRA partnership has acquired 28 multifamily communities totaling 9,150 apartment homes, with an aggregate value of more than $915 million.
“Investment and revitalization continues to accelerate in the infill East Atlanta neighborhoods as residents are drawn by a mix of urban amenities such as top rated restaurants and entertainment options including the BeltLine.” says Mike Aiken, VP of Acquisitions at Fogelman. “Ashford East Village is uniquely positioned to benefit from the growing residential demand near East Atlanta Village for high-quality housing at a discount to new construction nearby.”
Fogelman Properties (Fogelman) is one of the country’s largest and most experienced privately- owned multifamily investment and property management companies. As a fully integrated company, Fogelman specializes in multifamily acquisitions, property management, construction management, and asset management. Founded in 1963, Fogelman operates 88 multifamily communities totaling 28,000 apartment homes spread across 10 states in the Southeast, Southwest, and Midwest.
About DRA Advisors
DRA Advisors is an investment advisor specializing in real estate investment and management services for institutional and private investors. DRA has over $10 billion in assets under management as of December 31, 2018. Since 1986, DRA’s focus has been consistent: conservative, value-added real estate investments in the office, retail, multi-family and industrial sectors in the United States. DRA’s acquisitions since inception include more than 1,600 properties valued at over $30 billion.