Privately-owned multifamily investment and property management firm Fogelman Properties has acquired One Rocky Ridge, a 300-unit multifamily community in Douglasville. The sales price was not disclosed.
Developed in 2003, the community offers one, two and three-bedroom apartment units with rental rates ranging from $950 to $1,400 per month. The property is 95% occupied and managed by Fogelman. As part of the acquisition, 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. The seller was not disclosed.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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