Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, announces the acquisition of Appling Lakes, a 312-unit apartment community in Memphis, Tennessee.
Built in 1997, Appling Lakes features one, two and three-bedroom apartment homes with rental rates currently ranging from $1,163-$1,678. The recently acquired property is 94 percent occupied and will be managed by Fogelman. Fogelman’s investment plan entails a full renovation of the unit interiors, clubhouse and amenity areas.
“We’re thrilled to announce the acquisition of Appling Lakes in Memphis, Tennessee,” says Mike Aiken, SVP of Investments at Fogelman. “Memphis continues to be one of our top-performing markets and has seen strong in-migration patterns over the past six months. We’re excited to expand our hometown footprint and continue investing in the community.”
Fogelman acquired Appling Lakes through a joint venture with New York-based DRA Advisors. Since 2003, the Fogelman-DRA partnership has acquired 36 multifamily communities totaling more than 11,000 apartment homes and $1.5B in asset value. The current Fogelman-DRA portfolio now includes more than 5,600 apartment homes spread across Tennessee, Georgia, Kansas, Florida, Texas and North Carolina.
Headquartered in Memphis since 1963, Fogelman Properties now manages 96 multifamily communities across the Southeast and Sun Belt regions. The company has grown from a local family-owned business to a leader in the multifamily industry, overseeing more than $5B in asset value. Fogelman and its investment partners aim to acquire $300M+ in multifamily assets in 2022.