When Fogelman Properties targets apartments, it looks at suburban submarkets in major metropolitan areas, mainly in the Sun Belt, with strong schools, connectivity and economic stability.
“This approach allows us to drive strong risk-adjusted returns while providing quality housing in markets with long-term growth potential,” Thomas Henry, vice president of investments at Fogelman, told Multifamily Dive.
So, when Advenir at Eagle Creek, a 258-unit property in Humble, Texas, came on the market, it drew the attention of the Memphis-based apartment owner and operator.
“Humble is a well-established area with strong schools, which supports long-term resident demand and stability,” Henry said. “Additionally, the property benefits from excellent connectivity to other key parts of the city, making it appealing to a broad renter base.”
Texas continues to see new job creation. Between January 2024 and January 2025, the state generated 187,700 jobs, according to the Bureau of Labor Statistics. Houston saw an outsized proportion of that growth, according to Henry.
“The city continues to attract both businesses and residents, driving sustained demand for quality housing,” Henry said. “Additionally, Houston’s pro-growth environment and infrastructure investments support long-term stability.”
Rebranding the acquisition
Advenir at Eagle Creek wasn’t the only thing that attracted Fogelman to the property. The company, along with Dallas-based real estate investment firm Thackeray Partners, acquired the property for an undisclosed price at an attractive basis relative to replacement cost, according to Henry.
Fogelman and Thackeray have closed 17 apartment communities, totaling more than 4,000 units. Once they acquired the property, they changed its name to The Fenwick.
The Fenwick, 91% occupied, features one-, two- and three-bedroom apartment homes with rental rates starting at $1,094 per month. Fogelman, which manages the asset, plans to upgrade the interior units, amenity areas, clubhouse, dog park and landscaping.
“It’s a mid-2000s vintage asset, which means it offers modern construction relative to older value-add properties while still presenting opportunities for operational and physical improvements,” Henry said.
Fogelman thinks the climate could be advantageous for more deals in the second quarter, but there are questions.
“Improving property fundamentals heading into spring leasing season and a relatively stable interest rate environment could lead to a surge in investment sales in the second quarter,” Henry said. “However, a softening economy and uncertainty on the policy front could stymie the momentum and push those potential sale efforts out to the second half of the year.”
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