SAVANNAH, GA – Fogelman Properties, one of the country s largest, privately-owned and fully integrated multifamily investment and property management companies, announced the acquisition of Legends of Chatham apartments in Savannah, Ga.
Developed in 2015, Legends at Chatham is a 255-unit garden-style community that offers one, two and three-bedroom apartment homes. The newly bought property is 90% occupied with rental rates ranging from $1,035 to $1,475. In conjunction with the acquisition, the community is expected to receive renovations to the unit interiors, the clubhouse and the fitness center, in addition to landscape upgrades and a redesign of the pool area.
Fogelman bought Legends of Chatham through a joint venture with the Dallas-based company, Thackeray Partners. The closing marks the 11th acquisition for the Fogelman-Thackeray partnership, totaling more than 2,900 units, with an aggregate value of more than $380 million.
We are excited to add Legends at Chatham to our expanding portfolio with Thackeray, says Mike Aiken, SVP of Investments at Fogelman. Migration patterns since the pandemic have accelerated in favor of southeastern cities like Savannah, and this property is located in a submarket with strong accessibility to the growing set of demand drivers in the region.

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TUCSON, AZ – San Diego-based Tower 16 Capital Partners, in partnership with Drake Real Estate Partners, bought Sierra Vista Apartments, a 258-unit multifamily project in Tucson, Ariz. The property was bought from a private seller in an off-market transaction.
“We are excited to enter the Tucson market with the acquisition of Sierra Vista Apartments,” said Tower 16 co-founder Mike Farley. “The project is well positioned to take advantage of the growing apartment demand in Tucson, especially after we complete our renovation of the property.”
Since its founding in 2017, Tower 16 has made similar moves into markets throughout the west, having bought over 4,000 units in California, Las Vegas, Phoenix and Denver. The company seeks markets with increasing demand for workforce housing driven by job growth and in-migration but with relatively low levels of new supply. According to company executives, Tower 16 intends to build a portfolio of over 1,000 units in the Tucson market.
Sierra Vista Apartments is located at 3535 N. First Avenue in Tucson, Ariz. The property is minutes away from the I-10 freeway and ten minutes from Downtown Tucson and the University of Arizona campus. The community consists of one-, two- and three-bedroom apartments with a large clubhouse, gym and two swimming pools. Tower 16 will oversee close to $4 million in upgrades and renovations to the property including modernized unit upgrades, a new clubhouse, gym and updated pool areas. The company will also be adding outdoor amenities including barbeques, seating and outdoor gaming areas.
Tower 16 partnered with Drake Real Estate Partners in the acquisition of Sierra Vista, the first such joint venture between the two firms. Real estate brokers Jesse Hudson, William Hahn and Trevor Kosovitch of Northmarq represented both the buyer and seller in the transaction. Brian Mummaw of Northmarq coordinated debt financing for the buyer.

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MIAMI, FL – Monument Capital Management, an A-Rod CORP company and one of the country s premier fully integrated real estate investment firms, announced the $19.7 million acquisition of White Pines Apartments, a 123-unit community in Shakopee, Minnesota and the $15.3 million acquisition Margate on Cone, a 233-unit community in Greensboro, North Carolina.
The acquisitions mark Monument s entry into Greensboro and their general expansion in Minnesota. Both properties will be added to Monument Opportunity Fund IV and will serve as the Fund s debut in the Midwestern state.
Ted Bickel of Colliers International represented Abacus Capital Group in the sale of White Pines, with Watson Bryant and Paul Marley of Cushman & Wakefield representing Cedar Grove Capital in the sale of Margate on Cone.
Each of these markets showed clear opportunities that easily fit into our investment strategy for MOF IV, said Stuart Zook, Principal and CIO of Monument Capital Management. The continued development of the Greensboro MSA and the exceptional employer base of Shakopee provides a vision of growth that will continue exceptional returns within our portfolio.
Each property will benefit from an extensive value-add program that includes upgrades to interior and exterior amenities.
Built in 1999, White Pines is located at 1321-1364 Eagle Creek Blvd. One-, two- and three-bedroom units include walk-in closets, vinyl flooring and dishwasher. Community amenities include a laundry facility, fitness center, Amazon Hub lockers and patio areas with gas grills.
Built in 1970, Margate on Cone is situated at 900 E Cone Boulevard. Two- and three-bedroom units include vinyl flooring, walk-in closets, pantry, pendant lights and patio/balcony. Community amenities feature a swimming pool, playground and clubhouse.

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