Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, announces the acquisition of Appling Lakes, a 312-unit apartment community in Memphis, Tennessee. 

Built in 1997, Appling Lakes features one, two and three-bedroom apartment homes with rental rates currently ranging from $1,163-$1,678. The recently acquired property is 94% occupied and will be managed by Fogelman. Fogelman’s investment plan entails a full renovation of the unit interiors, clubhouse and amenity areas.

“We’re thrilled to announce the acquisition of Appling Lakes in Memphis, Tennessee,” says Mike Aiken, SVP of Investments at Fogelman. “Memphis continues to be one of our top-performing markets and has seen strong in-migration patterns over the past six months. We’re excited to expand our hometown footprint and continue investing in the community.”

Fogelman acquired Appling Lakes through a joint venture with New York-based DRA Advisors. Since 2003, the Fogelman-DRA partnership has acquired 36 multifamily communities totaling more than 11,000 apartment homes and $1.5B in asset value. The current Fogelman-DRA portfolio now includes more than 5,600 apartment homes spread across Tennessee, Georgia, Kansas, Florida, Texas and North Carolina.   

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. Fogelman and its investment partners aim to acquire $300M+ in multifamily assets in 2022. 

For more information, visit www.applinglakesapts.com. 

About Fogelman 

Fogelman Properties (Fogelman) is one of the country’s largest and most experienced privately-owned multifamily investment and property management companies. As a fully integrated company, Fogelman specializes in multifamily acquisitions, property management, construction management, and asset management. Nationwide, Fogelman operates 96 multifamily communities totaling more than 29,000 apartment homes across 13 states in the Southeast, Southwest and Midwest. Fogelman was recently named a top 10 multifamily property management firm by J Turner Research, based on their Online Reputation Assessment (ORA) score, and a top 30 company by Multi-Housing News. For more information about Fogelman, please visit www.fogelman.com or follow us on Facebook, Twitter and Instagram.