JACKSONVILLE, FL – Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, announce the acquisition of Reserve Bartram Springs Apartments in Jacksonville, Florida.  

Developed in 2006, Reserve Bartram Springs is a 268-unit garden-style community that offers one, two, and three-bedroom apartment homes. The newly-bought property is 96% occupied with rental rates ranging from $950 to $1,440. Reserve Bartram Springs is expected to receive enhancements to the common area amenities and upgrades to unit interiors in connection with the investment.

Fogelman bought the community through a joint venture with the Dallas-based company, Thackeray Partners. The closing marks the second Jacksonville acquisition for the Thackeray partnership in the past 120 days and grows Fogelman’s Jacksonville portfolio to more than 1,900 units. Since 2015, the Fogelman-Thackeray partnership has bought eight multifamily communities totaling more than 2,000 units, with an aggregate value of over $260 million.

“The community was a fantastic fit for our partnership as it sits directly within the path of growth in southeast Jacksonville and is located within one mile of the Pavilion at Durbin Park, a 2.4M square foot mixed-use development which is currently under construction,” says Mike Aiken, Vice President of Acquisitions for Fogelman Properties.

Fogelman Properties is one of the country’s largest and most experienced privately-owned multifamily investment and property management companies. Founded in 1963, Fogelman operates 88 multifamily communities totaling 27,000 apartment homes spread across 10 states in the Southeast, Southwest, and Midwest. 

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TAMPA, FL – Providence Real Estate, a multifamily owner operator, announced the completion of the acquisition of the Century Falls Apartments located in the Citrus Park / Westchase area of Tampa, Florida. The Property was bought in a joint venture with a repeat Providence capital partner based in Europe.

The property sits in a serene setting surrounding a lake within a conservation area in a highly desirable location with top ranked schools, brilliant access to Westshore (11 million square feet of office space) and downtown Tampa. The property is anticipated to undergo extensive exterior and interior renovations and will be renamed Seasons at Westchase.

“The acquisition of Century Falls is a continuation of our over three decades of focused experience acquiring well-located apartments in affluent suburbs of growing American cities that may benefit from significant renovation. Providence has built a deep expertise in providing high-quality residences to all segments of the U.S. workforce, generally defined as households annually earning between $40,000 and $80,000, and Century Falls will target the higher-income renters in this segment. Due to the high cost of ground-up multifamily construction, the nationwide supply of new apartments continues to be predominantly focused on making expensive luxury multifamily products offering rents significantly higher than most households in the U.S. workforce can afford, and we believe that a long-term opportunity exists to serve the U.S. workforce with affordable, renovated market rate apartments,” said Alan Pollack, Providence’s Chairman.

Providence Real Estate and its affiliates have been an active owner, operator, manager and asset manager of multifamily residential communities since 1985. Providence consists of an experienced group of professionals dedicated to searching for, identifying, acquiring, renovating and operating multifamily properties in select U.S. markets. Providence is a fully integrated real estate organization with property, asset and construction management, as well as acquisitions, accounting, information technology and human resource divisions. 

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SCOTTSDALE, AZ – Wood Partners, a national leader in multi-family real estate development and acquisition, announced the grand opening of its new community, Alta Drinkwater, in Scottsdale, Arizona.

A premiere residential community located at 3234 N. Scottsdale Road, Alta Drinkwater is located in Ancient Town Scottsdale, a bustling neighborhood with proximity to in-demand restaurants, entertainment and retail options. Alta Drinkwater is also strategically positioned to provide quick access to downtown Phoenix and the metro area, capitalizing on the regional economic offerings of the greater Phoenix area.

“We are excited to be opening in one of the most desired cities in the Southwest,” said Todd Taylor, Managing Director for Wood Partners’ in Arizona and Nevada. “Scottsdale frequently tops the list of most livable small- to mid-sized cities making it a strategic new location for our continued expansion into the broader Phoenix market.”

Alta Drinkwater joins a list of 9 Wood Partners’ properties in Arizona as the first one located in Ancient Town Scottsdale. “We are thrilled with the early interest buzz for Alta Drinkwater,” said Taylor. “Pre-leasing efforts are underway and we’ve secured the most pre-leases of any Arizona-based community to date.”

The community is in close proximity to high-quality career opportunities, including ready access to the ASU SkySong Center, a dynamic center for innovation, technology and economic expansion, as well as high-end advantages such as the Scottsdale Corridor and Scottsdale Fashion Square, the metro area’s preferred selection of upscale retail, restaurant and night life offerings.

The new community is a unique multifamily experience. Cultural amenities such as an open lounge that serves as an art gallery by day and a VIP lounge by night elevate the 5-star resident experience. Opened in fall 2018, Alta Drinkwater totals 277 units, featuring 1- and 2-bedroom apartment homes, as well as 1-, 2-, and 3-bedroom penthouse apartment homes. Penthouse units include private patios with expansive views of the city, and luxe finishes throughout amenity and livable areas.

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