Hot Properties: Fogelman buys Summerville apartments

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Fogelman Properties has purchased Westbury Mews, a 132-unit apartment community in Summerville.

Fogelman is one of the country’s largest privately-owned multifamily investment and property management companies, according to a news release from the company.

Built in 1988, Westbury Mews features one, two and three-bedroom apartment homes with rental rates currently ranging from $975-$1,420. The property is 97% occupied and will be managed by Fogelman. The company’s investment plan entails a full renovation of the unit interiors, signage, landscaping, clubhouse and amenity areas, the news release said.

Fogelman acquired Westbury Mews through a joint venture with Thackeray Partners. Together, the Fogelman and Thackeray partnership has acquired 16 multifamily communities now totaling more than 3,000 units.

“We’re pleased to announce the acquisition of Westbury Mews with our longtime partner, Thackeray. The property is prominently situated on a major road artery, with a variety of major employers in the health care, aerospace and advanced manufacturing sectors all nearby,” Mike Aiken, senior vice president of investments Fogelman, said in the release. “With one of the largest inbound migration percentages in the country, Charleston is a proven, top-performing market and we’re thrilled to expand our footprint in the area.” 

Since January 2022, Fogelman and its investment partners have acquired five multifamily communities totaling more than 1,100 units for an aggregate cost of $190 million, the release said.

“We’re excited to continue expanding our investment portfolio in one of the strongest and most

vibrant regions of the country,” Mark Fogelman, president of Fogelman Properties, said in the release. “We are grateful for our investment partners and look forward to substantial growth throughout the year.”

In other commercial real estate transactions:

Todd Garrett and Tradd Varner of Avison Young represented the landlord, TAE Rentals LLC, in the lease of 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 .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.

J.R. Caldwell and Bob Caldwell of Caldwell Commercial Real Estate Services represented the landlord, 1384 Remount Road LLC, in the lease of 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 landlord in the lease of 2,100 square feet of warehouse space at 502 Wando Park Boulevard, Unit 108, in 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 landlord in the lease of 1,200 square feet of retail space at 1890 Sam Rittenberg Boulevard, Suite 114, in West Ashley to InMotion Wellness Studio.