Latest acquisition marks completion of $190M in multifamily acquisitions across 5 markets in first half of 2022
CHARLESTON, June 15, 2022: Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, announces the acquisition of Westbury Mews, a 132-unit apartment community in Summerville, South Carolina, a Charleston submarket.
Built in 1988, Westbury Mews features one, two and three-bedroom apartment homes with rental rates currently ranging from $975-$1,420. The recently acquired property is 97% occupied and will be managed by Fogelman. The company’s investment plan entails a full renovation of the unit interiors, signage, landscaping, clubhouse and amenity areas.
“We’re pleased to announce the acquisition of Westbury Mews with our longtime partner, Thackeray. The property is prominently situated on a major road artery, with a variety of major employers in the healthcare, aerospace, and advanced manufacturing sectors all nearby,” says Mike Aiken, SVP of Investments at Fogelman. “With one of the largest inbound migration percentages in the country, Charleston is a proven, top-performing market and we’re thrilled to expand our footprint in the area.”
Fogelman acquired Westbury Mews through a joint venture with Thackeray Partners. Together, the Fogelman and Thackeray partnership has acquired 16 multifamily communities now totaling more than 3,000 units.
Since January 2022, Fogelman and its investment partners have acquired five multifamily communities totaling more than 1,100 units for an aggregate cost of $190 million. Fogelman’s newly-acquired communities add to its growing portfolio in the Southeast.
“We’re excited to continue expanding our investment portfolio in one of the strongest and most
vibrant regions of the country,” Mark Fogelman, president of Fogelman Properties. “We are grateful for our investment partners and look forward to substantial growth throughout the year.”
Headquartered in Memphis since 1963, Fogelman Properties now manages 96 multifamily communities across the Southeast and Sun Belt regions. The company has grown from a local family-owned business to a leader in the multifamily industry, overseeing more than $5B in asset value.
For more information, visit www.westburymews.com.
