Fogelman Properties and Thackeray Partners have once again teamed up to acquire an apartment property in Georgia with the purchase of the 255-unit Legends at Chatham in Savannah. Located at 1426 Chatham Parkway, the garden-style community was developed in 2015 and includes one-, two- and three-bedroom units.
The asset was previously owned by United Residential Properties, according to Yardi Matrix. The community is 90 percent occupied, Fogelman said in a statement, with rental rates ranging from $1,035 to $1,475. The multifamily investment and property management firm intends to renovate the unit interiors, clubhouse and fitness center of the five-building property, as well as rolling out landscape upgrades and a redesign of the pool area.
The property is located west of downtown Savannah, with proximity to U.S. Route 17, Interstate 16 and Interstate 516. Savannah, a coastal city and the seat of Chatham County, has seen other multifamily trades this year including the purchase of affordable housing asset Liberty Oaks Apartments by Audubon Communities for $30.9 million and the acquisition of 2800 Capital Square by an affiliate of FriedLam Partners for $19.2 million.
Fogelman and Thackery have previously worked together on 10 acquisitions, including the purchase of Crestmark Apartments in Lithia Springs, Ga., in January 2019. The 334-unit Class B community changed hands for $44.9 million. The partners have also acquired properties in Alpharetta, Ga., Charleston, S.C., and Jacksonville, Fla.
With the latest acquisition in Savannah, the companies have jointly acquired a total of more than 2,900 multifamily units with an aggregate value of more than $380 million.