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Fogelman Properties has acquired Appling Lakes apartments in Cordova, TN.

Fogelman Properties Adds Memphis Multifam in Quest to Spend $300M in 2022

Memphis, TN-based Fogelman Properties has acquired Appling Lakes, a 312-unit apartment community in the Memphis submarket of Cordova, TN. The 1997-constructed property is 94% occupied with one, two and three-bedroom units that currently rent for between $1,163 and $1,678.

“Memphis continues to be one of our top-performing markets and has seen strong in-migration patterns over the past six months,” said Mike Aiken, SVP of investments at Fogelman.

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 $1.5 billion in asset value. The current Fogelman-DRA portfolio now includes more than 5,600 apartment homes spread across GA, FL, KS, NC, TN and TX. Fogelman and its investment partners aim to acquire $300 million in multifamily assets in 2022.


Inside The Story

Fogelman Properties' Aiken

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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