Memphis Investor And Dallas Partner Invest In Alpharetta Apartment
Hollywood debuted the celluloid classics "Three Men And A Baby," "The Lost Boys" and the bunny-boiling horrors of "Fatal Attraction." Michael Jackson did the moonwalk to “Bad” and The Bangles managed to “Walk Like An Egyptian.”
What else happened in 1987? Developers built an apartment project in Alpharetta that Memphis-based Fogelman Properties would buy 30 years later.
The firm, in conjunction with Dallas-based Thackeray Partners, purchased the 284-unit Nesbit Ferry Crossing Apartments in Alpharetta for an undisclosed sum in late December. In turn, the investors plan to rename the property Station Heights Apartments and infuse an undisclosed sum into common area amenities and interior upgrades.
“We’re quite bullish on Atlanta, and in particular the suburban areas such as Alpharetta,” Fogelman Senior Vice President Matthew Day said in a release. "Station Heights is well-positioned for the future with the tremendous regional growth, an expanding local employment base, and our upcoming property enhancements."
Since joining forces in 2015, Fogelman and Thackeray have purchased five apartment projects worth more than $150M. Fogelman owns more than 4,400 units in 17 Atlanta apartment communities.
