Memphis-based Fogelman Properties has acquired a $43 million apartment complex, company president Mark Fogelman said Monday.
The complex, located in North Carolina, was purchased through a joint venture between Fogelman and New York-based DRA Advisors. Since 2003, the two firms have acquired 26 multifamily communities via the partnership, according to a news release.
“We are thrilled to … add this high-quality asset to our local Raleigh portfolio,” Fogelman Properties CEO Rick Fogelman said. “We look forward to continued growth across the Raleigh-Durham region and within our long-standing relationship with DRA Advisors.”
The apartment complex holds 328 units, which rent for between $850 and $1,250 per month. Named the Lake Cameron Apartments, the property is 95 percent occupied, the release said.
Property management is Fogelman’s largest business line. The company currently operates 88 multifamily communities spread across 10 states in the Southeast, Southwest and Midwest.