Fogelman buys apartments in Summerville > Charleston Business Journal
Fogelman Properties has purchased Westbury Mews, a 132-unit apartment community in Summerville.
Fogelman is one of the nation’s largest privately held multi-family investment and property management firms, according to a company press release.
Built in 1988, Westbury Mews offers one-, two-, and three-bedroom apartments with rental rates currently ranging from $975 to $1,420. The property is 97% occupied and will be managed by Fogelman. The company’s investment plan includes a complete renovation of unit interiors, signage, landscaping, the clubhouse and amenity areas, the press release said.
Fogelman acquired Westbury Mews through a joint venture with Thackeray Partners. Together, the Fogelman and Thackeray partnership has acquired 16 multi-family communities now totaling over 3,000 units.
“We are pleased to announce the acquisition of Westbury Mews with our long term partner, Thackeray. The property is prominently located on a major traffic artery, with a variety of major employers in the healthcare, aerospace and advanced manufacturing industries all nearby,” said Mike Aiken, Vice senior president of Fogelman Investments, in the release. “With one of the highest in-migration percentages in the nation, Charleston is a proven, high-performing market and we are excited to expand our footprint in the region.”
Since January 2022, Fogelman and his investment partners have acquired five multi-family communities totaling more than 1,100 units for a total cost of $190 million, according to the release.
“We are excited to continue to grow our investment portfolio into one of the strongest and most
dynamic regions of the country,” Mark Fogelman, president of Fogelman Properties, said in the statement. “We are grateful to our investment partners and look forward to substantial growth throughout the year.”
In other commercial real estate transactions:
Photo Todd Garrett and Tradd Varner of Avison Young represented landlord, TAE Rentals LLC, in leasing 2,800 square feet of industrial space at Unit 200-A at 7123 Cross County Road in North Charleston to Private and Personal Transportation LLC. Dixon Pearce of Darby Development represented the tenant.
Phil Rose and Keith Mayfield of Twin Rivers Capital represented the seller, Twin Rivers Capital, in the sale of 0.85 acres of retail space at Foxbank Towne Center. Highway 52, Moncks Corner to Bojangles.
Caine Halter of Coldwell Banker Commercial Atlantic represented the tenant, Holliday Ingram, in the lease of 5,000 square feet of office space at 801 Nexton Square Drive in Summerville.
JR Caldwell and Bob Caldwell of Caldwell Commercial Real Estate Services represented the owner, 1384 Remount Road LLC, in leasing 6,280 square feet of office space at 1384 Remount Road, North Charleston to TB&T Woodworking Inc.
Trey Lucy and Kevin Shields of Belk Lucy represented the owner in leasing 2,100 square feet of warehouse space at 502 Wando Park Boulevard, Unit 108, Mount Pleasant to Victoria Dunn Design. Taelor Pryor of The Boulevard Co. represented the tenant.
Trey Lucy and Blair Belk of Belk Lucy represented the owner in leasing 1,200 square feet of retail space at 1890 Sam Rittenberg Boulevard, Suite 114, West Ashley to InMotion Wellness Studio.
Contact Ross Norton at 864-720-1222.