Fogelman, Thackery Acquire Georgia Community

The 255-unit property in Savannah was developed in 2015 and was 90 percent occupied at closing.
Legends at Chatham. Image courtesy of Fogelman Properties

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.