Fogelman Properties Grows Texas Footprint
The suburban Houston property offers waterfront views.
The Moorings. Image courtesy of Fogelman Properties
Fogelman Properties has acquired The Moorings, a 201-unit community in League City, Texas, from Oak Residential Partners. According to Yardi Matrix data, the property was subject to a Fannie Mae loan of $18.3 million in 2018, originated by Walker & Dunlop.
Completed in 1997 and located on 9.5 acres, the 10 two- and three-story buildings encompass one- and two-bedroom apartments, averaging 891 square feet. Interiors feature washers and dryers in all units. Common-area amenities include waterfront views, a swimming pool, Amazon hub lockers, a fitness center, a clubhouse and a volleyball court.
Located at 601 Enterprise Ave., the property is a seaside community on Clear Lake, roughly 30 miles from downtown Houston and has access to North Highway 146. Dining and retail options are available in the surrounding area, along Marina Bay Drive. NASA Johnson Space Center is less than 6 miles away.
Mike Aiken, senior vice president of Investments at Fogelman Properties, stated in prepared remarks that the company is looking to expand its footprint in the greater Houston area.
Houston’s multifamily market had a substantial recovery in 2021, despite the pandemic effects. According to a Yardi Matrix report, the transactions volume doubled, compared to the previous peak in 2018, with $10.4 billion in sales.
