Fogelman JV Expands Southeast Portfolio

Legends at Charleston Park

Fogelman Properties has acquired two communities through a joint venture with Thackeray Partners: Legends at Charleston Park in Charleston, S.C., and Westridge in Jacksonville, Fla. The two properties sold for a total of $67 million. 

“Both properties are located in prime submarkets within high-growth MSA’s, and perfectly positioned for growth under the Fogelman-Thackery partnership,” Mark Fogelman, president of Fogelman Properties, told Multi-Housing News. 

The properties 

Located at 8850 Dorchester Road, Legends at Charleston Park comprises 232 units across 14, three-story buildings. Floorplans are offered in one-, two- and three-bedroom units ranging from 726 to 1,643 square feet. The property was developed in 2005 and was 94 percent occupied at the time of sale. Interior features include G.E. black appliances, maple raised-panel cabinetry, built-in computer niches, nine-foot ceilings, crown moulding and chair railing, walk-in closets, sunrooms, screened porches, garden tubs and ceiling fans. The new owners plan to make enhancements to the property in the form of updated common area amenities and unit interiors. Residents have access to amenities such as:

• resort-style swimming pool
• community pet park and pet spa
• billiard room
• business center
• clubhouse
• picnic and grilling areas
• fitness center with aerobics room
• clothes-care center
• car-care center
• community play area

Westridge

Situated at 9541 103rd St., Westridge features 312 one-, two- and three-bedroom floorplans, ranging from 817 to 1,044 square feet. The asset was 95 percent occupied a the time of sale and comprises 13, three-story buildings. Built in 2008, interior features include stainless steel appliances, brushed nickel hardware, washer/dryers, ceiling fans, large closets, fireplaces and balcony/patios. Westridge is set to undergo a full rebranding under the new ownership, which will include a multimillion-dollar property renovation. Community amenities include: 

• swimming pool
• 24-hour fitness center
• pet park
• clubhouse
• jogging trails
• business center
• playground
• car wash 
• volleyball court 
• views of a man-made lake 

The joint venture has purchased seven communities totaling 1,800 units, with a value of more than $220 million. In January, Fogelman and Thackeray purchased Nesbit Ferry Crossing Apartments, a 248-unit property in Alpharetta, Ga.

Images courtesy of Fogelman Properties