Fogelman Properties, one of the largest privately-owned multifamily housing companies in the nation, recently completed their acquisition of a new property in Carrollton, Ga., marking their fifteenth acquisition with joint partner Thackery.
The partners are rebranding the acquisition, formerly known as “Renew at Carrollton,” to “Venue at Carrollton,” which is in line with current plans to renovate unit interiors, the pool, clubhouse and amenity areas. The 111-unit apartment community contains one, two and three-bedroom apartments ranging from 900 to 1,200 square feet, with monthly rental rates starting at $1,075.
“The property is in an ideal location, with downtown Carrollton, Tanner Medical Center and the University of West Georgia all less than two miles away,” says Mike Aiken, SVP of Investments at Fogelman. “This Atlanta submarket remains one of our strongest and we look forward to further expanding our footprint in the area.”
Mark Fogelman, president and son of Fogelman founder Avron Fogelman, echoed that sentiment, on the strength of the Atlanta market at large. “Atlanta continues to be a very strong performer for Fogelman, due to tremendous local job growth and housing demand,” he said.
“Additionally, the city experienced meaningful economic benefit during the COVID-19 pandemic, as our properties saw tremendous in-migration of customers moving from more dense and expensive parts of the country to the Southeast, particularly Atlanta.”
While Fogelman Properties is based in Memphis, where Mark Fogelman serves on the board of the local Jewish Federation, Atlanta — where the company has operated for over 40 years — is now its largest market.
With this latest acquisition, the company now manages 96 multifamily communities across the Southeast and Sun Belt regions, with an asset value exceeding $5 billion. Fogelman and its investment partners aim to acquire $300 million+ in multifamily assets in 2022.