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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.
- ◦Sale/Acquisition
