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 The Edison, a brand-new 327-unit A+ multifamily community located in Fort Myers, Fla.
Completed in 2020, The Edison offers one, two and three-bedroom apartment homes with rental rates ranging from $1,395 to $2,095. The newly-acquired community is 93 percent occupied and will be managed by Fogelman.
Fogelman and LIV Development acquired The Edison through a joint venture with New York-based DRA Advisors. Since 2003, the Fogelman-DRA partnership has acquired 33 multifamily communities totaling more than 11,000 apartment homes, with an aggregate value of more than $1.5 billion.
“We’re thrilled to further expand our longstanding partnership with both DRA Advisors and LIV Development and enter the Fort Myers submarket with the highest quality multi-family community in the MSA,” says Mike Aiken, SVP of Investments for Fogelman Properties. “Southwest Florida continues to benefit from national migration patterns favoring the Sunbelt, with the lower cost of living coastal areas seeing outsized growth.”