Fogelman Acquires Memphis Community
The 312-unit property was purchased through a joint venture with DRA Advisors.
Appling Lakes. Image courtesy of Fogelman Properties.
Fogelman Properties, in a joint venture with DRA Advisors, has acquired the 312-unit Appling Lakes multifamily community, in Memphis, Tenn. The seller was Cohen-Esrey, according to Yardi Matrix data. Fogelman will be managing the property and is planning to renovate its interiors, clubhouse and amenity areas.
Completed in 1997, the Class A property encompasses 17 two- and three-story buildings with one-, two- and three-bedroom units ranging between 729 and 1,512 square feet. Common-area amenities include a fitness center, a business center, a playground, a clubhouse, a volleyball and a tennis court, a swimming pool and laundry facilities. In-unit amenities consist of washer and dryer hookups, vaulted ceilings, enclosed garages, detached garages and fireplaces in select units.
Located at 1392 Equestrian Drive, Appling Lakes is near the intersection of Appling Road and Cordova Road, and 2,2 miles from Interstate 40. There are several dining options, entertainment venues and retail spaces in the area, such as Cordova International Farmer’s Market and Urban Air Trampoline and Adventure Park. Health-care facilities Baptist Memorial Hospital and Saint Francis Hospital are within 15 minutes of the community. Shelby Farms Park, offering 4,500 acres of green space, is 3 miles away.
Appling Lakes marks the 36th acquisition for the partnership. Fogelman recently acquired The Moorings, a 201-unit multifamily community, in League City, Texas, from Oak Residential Partners.
