Fogelman Properties and Thackeray Partners have acquired Legacy at Lanier, a 150-unit community in Gainesville, Ga. Blue Lake Capital sold the property for 7.7 million, Hall County records show.
The new owners assumed the outstanding balance of a $12.9 million Fannie Mae loan originated by NorthMarq Capital in 2019.
The transaction marks the partnership’s 12th acquisition. Fogelman’s management division will take over operations at the property, which was 98 percent occupied at the time of sale.
With the addition of Legacy at Lanier, the Fogelman-Thackeray partnership’s portfolio amounts to more than 3,000 units. The joint venture’s previous deal closed last November with the acquisition of a 255-unit property in Savannah, Ga.
Legacy at Lanier
The community located at 1750 Columns Drive has eight buildings across an 11-acre site. The 2004-built property provides one- to three-bedroom units with floorplans averaging 1,161 square feet. The pet-friendly community features a swimming pool, grilling station and pet park.
The partnership revealed plans to upgrade the asset. Improvements will include the addition of a fitness center and renovating the clubhouse and pool area. Apartment interiors will also be updated.
The community is within walking distance of various shopping and dining options. Lee Gilmer Memorial Airport and the Chicopee Woods Mountain Bike Trails are less than 2 miles from the community, while downtown Gainesville is approximately 3 miles northwest.