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 One Rocky Ridge, a 300-unit multifamily community located in Douglasville, Ga.
Developed in 2003, One Rocky Ridge offers one, two and three-bedroom apartment units with monthly rental rates ranging from $950 to $1,400. The newly acquired property is 95 percent occupied and managed by Fogelman. One Rocky Ridge will undergo extensive community upgrades, including renovations to all in-unit kitchens, living rooms and bathrooms, as well as overall community enhancements across the common area amenities.
Fogelman acquired One Rocky Ridge through a joint venture with New York-based DRA Advisors. Since 2003, the Fogelman-DRA partnership has acquired 34 multifamily communities totaling more than 11,000 apartment homes, with an aggregate value of more than $1.5 billion. Since the beginning of 2020, Fogelman and DRA Advisors have completed $160 million in investments and have a current joint venture holding totaling 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, SVP of Investments for Fogelman Properties. “In addition to being the primary healthcare 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.”