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 Legacy at Lanier apartments in Gainesville, Georgia.
Built in 2004, Legacy at Lanier is a 150-unit multifamily community that offers one, two and three-bedroom apartment homes. The newly acquired property is 98% occupied with rental rates ranging from $850 to $1,275. Legacy at Lanier will undergo community upgrades including the addition of a new fitness center, renovations to the clubhouse, pool area and all unit interiors.
Fogelman acquired Legacy at Lanier through a joint venture with the Dallas-based company, Thackeray Partners. The closing marks the 12th acquisition for the Fogelman-Thackeray partnership, now totaling more than 3,000 units.
“We are thrilled to expand our partnership with Thackeray and add Legacy at Lanier to our growing Atlanta portfolio, which now totals 21 communities and 6,000 units,” says Mike Aiken, SVP of Investments at Fogelman. “As active investors and experienced property managers in the local market, we’re bullish on Atlanta, and in particular the submarket of Gainesville. Legacy at Lanier is well-positioned for the future with the tremendous regional growth, an expanding local employment base and our upcoming property enhancements.”