Fogelman Properties Acquires Georgia Apartment Community
The buyer is planning a number of upgrades to the 11-building asset.
Fogelman Properties has completed its purchase of The Columns at Timothy Woods, a, 204-unit garden-style apartment community located at 2035 Timothy Rd. in Athens, Ga. The firm acquired the property from its previous owner, listed by CommercialEdge as ECI Group. The previous owner acquired the community in 2019 for $26.3 million, the same data shows. The buyer will assume managerial duties for the property.
The Columns at Timothy Woods was built in 1996 and spans 11 buildings built over 25 acres, sectioned off into one-, two-, and three-bedroom living arrangements with rents ranging between $1,350 to $2,100 per month, according to CommercialEdge information. Residences feature open floor plans, private patios and balconies, kitchens with tile backsplashes and granite countertops, stainless steel appliances, in-house laundry machines and walk-in closets. Community-wide, residents will have access to a swimming pool, fitness center, business center, private lounge, tennis court and dog park, in addition to private parking. Fogelman is planning to invest in additional upgrades to the community’s amenity spaces, as well as to the buildings’ exteriors and landscaping.
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Situated in between Timothy Road and the Atlanta Highway, the community is within five miles of downtown Athens and the state’s flagship university. Additionally, it is a few minutes’ drive to many of the city’s top dining, retail and entertainment offerings.
Fogelman’s southern fixation
The purchase of The Columns at Trinity Woods marks Fogelman’s seventh acquisition this year, with a transaction volume totaling $291 million and 1,660 units. Most of the firm’s assets are based in the South, with recent purchases in Georgia, Tennessee, Texas and South Carolina. Two of such purchases include Fogelman’s joint venture with DRA Advisors for the acquisition of Appling Lakes, a 312-unit community in Memphis, Tenn., as well as the firm’s July purchase of The Moorings, a 201-unit property in suburban Houston.