Fogelman Properties Acquires 300-Unit MF Community in Douglasville
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.
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- ◦Acquisition
