660 Units on Westheimer Bought by Memphis Investors
HOUSTON – (Realty News Report) – The 660-unit Artesian on Westheimer apartments have been purchased by a joint venture of Memphis-based Fogelman Properties and DRA Advisors of New York.
The project, which is 92 percent occupied, has good access to the Energy Corridor and Westchase, said Mike Aiken, vice president of acquisitions for Fogelman.
Since 2003, the Fogelman-DRA partnership has acquired 27 multifamily communities totaling more than 8,800 apartment homes, with an aggregate value of more than $870 million. The Memphis-based investment company has been active this quarter in closing $135 million of deals since January.
Built in two phases between 2006 and 2009, the Artesian community offers one, two, and three-bedroom apartment homes ranging from $1,066 to $1,719 per month. Bridge Investment Group was the seller.