A joint venture of Fogelman Properties and Thackeray Partners has acquired a 284-unit apartment community in Alpharetta, Ga. The two companies acquired a total of five properties since 2015, for a total investment of more than $150 million.
Nesbit Ferry Crossing Apartments is located at 100 Saratoga Drive. The unit mix consists of 184 two-bedroom and 100 three-bedroom apartments, ranging in size from 1,095 to 1,332 square feet. The property will be renamed to Station Heights Apartments, in conjunction with receiving interior and exterior renovations. The 1987-built community features common amenities such as a fitness center, business center, clubhouse, tennis court, a playground and swimming pool. Station Heights is currently 96 percent occupied, with rents starting from $1,023.
Bullish on Atlanta’s suburbs
Residents of the apartment community are only a few minutes away from several restaurants and retailers, along Route 140. The property is also near a golf club, football stadium, a park and several schools. Downtown Alpharetta is about 15 minutes away, while Atlanta can be reached in half an hour. Interstates 85 and 285 are near the property.
“We are thrilled to add this high-quality asset to our local Atlanta portfolio, which now totals more than 3,300 apartment homes. As active investors and seasoned property managers with more than 30 years’ experience in the local market, we’re quite bullish on Atlanta, and in particular the suburban areas such as Alpharetta. Station Heights is well-positioned for the future with the tremendous regional growth, an expanding local employment base, and our upcoming property enhancements,” said Matthew Day, senior vice president of investment at Fogelman, in a prepared statement.
Image courtesy of Fogelman Properties