Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, is pleased to announce the acquisition of Reserve Bartram Springs Apartments in Jacksonville, Fla.
Developed in 2006, Reserve Bartram Springs is a 268-unit garden-style community that offers one, two, and three-bedroom apartment homes. The newly-acquired property is 96% occupied with rental rates ranging from $950 to $1,440. Reserve Bartram Springs is expected to receive enhancements to the common area amenities and upgrades to unit interiors in connection with the investment.
Fogelman acquired the community through a joint venture with the Dallas-based company, Thackeray Partners. The closing marks the second Jacksonville acquisition for the Thackeray partnership in the past 120 days and grows Fogelman’s Jacksonville portfolio to more than 1,900 units. Since 2015, the Fogelman-Thackeray partnership has acquired eight multifamily communities totaling more than 2,000 units, with an aggregate value of over $260 million.
“The community was a great fit for our partnership as it sits directly within the path of growth in southeast Jacksonville and is located within one mile of the Pavilion at Durbin Park, a 2.4M square foot mixed-use development which is currently under construction,” says Mike Aiken, Vice President of Acquisitions for Fogelman Properties.