Fogelman Properties, a privately-owned and fully integrated multifamily investment and property management company, has acquired the newly rebranded Venue at Carrollton, a community formerly known as Renew at Carrollton.
Fogelman acquired the 111-unit apartment community in Carrollton and has since renamed it to align with upcoming renovations and property enhancements, according to a press release.
Built in 1974, Venue at Carrollton offers one, two and three-bedroom apartment homes ranging from 900 to 1,200 square feet with monthly rental rates currently starting at $1,075.
The property is currently 96% occupied and Fogelman’s investment plan entails a full renovation of the unit interiors, pool, clubhouse and amenity areas, the release said.
“We’re thrilled to grow our portfolio with Thackeray through the purchase of Venue at Carrollton. 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,” said 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.”
Fogelman acquired Venue at Carrollton through a joint venture with partner Thackeray. Together, the Fogelman and Thackeray partnership has acquired 15 multifamily communities totaling more than 3,600 units throughout the Southeast, the press release said.
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 $5 billion in asset value, per the release.
Fogelman and its investment partners aim to acquire $300 million in multifamily assets in 2022, the release said.