Property: The Columns at Timothy Woods
Buyer: Fogelman Properties
Seller: ECI Group
Property type: Garden style
Locations: Athens, Georgia
Purchase price: $44 million
In a year that saw a sharp slowdown in transactions, Fogelman Properties was still able to close deals.
With its December purchase of The Columns at Timothy Woods in Athens, Georgia, the Memphis, Tennessee-based firm bought a total of 1,660 units valued at $291 million last year across Georgia, Tennessee, Texas and South Carolina.
“While interest rate volatility remained challenging for the second half of the year, we were able to account for the current interest rate environment in our transaction,” Fogelman President Mark Fogelman told Multifamily Dive.
Built in 1996, The Columns at Timothy Woods is located near the University of Georgia — fitting a Fogelman investment strategy of buying conventional multifamily assets in college towns. It purchased the asset for $44 million, according to Athens-Clarke County, Georgia property records. The company has had success with previous properties in Athens.
“The primary driver in our decision was its excellent location as well as its highly qualified resident profile, including professionals within the medical community and UGA employees,” Fogelman said.
He also thinks competition is limited in the market. “we've seen minimal ‘market rate’ new supply in the past few years presenting a favorable demand/supply scenario as UGA and the medical center employment continue to grow,” Fogelman said.
Fogelman bought the property from ECI Group, which purchased the asset in 2019. Atlanta-based ECI, which includes development, construction, investment and property management groups, has a portfolio of more than 7,500 units located throughout the Southeast and Texas.
The Columns at Timothy Woods includes one-, two- and three-bedroom apartments at rents from $1,350 to $2,100 per month. The units have granite countertops, stainless steel appliances and vinyl-plank-style flooring. The property is 93% occupied and will be managed by Fogelman.
ECI Group’s amenity additions included a dog park, enhancements to the fitness center and new tennis and pickleball courts. Fogelman plans to upgrade the amenity areas, clubhouse, property exterior and landscaping.
“The seller, ECI, took great care of the property and we look forward to continuing that while adding several additional key resident amenities,” Fogelman said.
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