Fogelman Properties Completes Acquisition of Newly Constructed 327-Unit The Edison House Neighborhood in Fort Myers, Florida

Fogelman Properties Completes Acquisition of Newly Built 327-Unit The Edison Apartment Community in Fort Myers, Florida

FORT MYERS, FL – Fogelman Properties, one of the largest privately owned and fully integrated multi-family investment and property management companies in the country, announced the acquisition of The Edison, A brand new 327 unit A + apartment building in Fort Myers, Florida.

Completed in 2020, the Edison offers one-, two-, and three-bedroom apartments with rental prices ranging from $ 1,395 to $ 2,095. The newly acquired parish is 93% occupied and is administered by Fogelman.

Fogelman and LIV Development acquired The Edison through a joint venture with New York-based DRA Advisors. Since 2003, the Fogelman-DRA partnership has acquired 33 multi-family communities totaling more than 11,000 homes, valued at more than $ 1.5 billion.

"We're excited to expand our longstanding partnership with DRA Advisors and LIV Development and enter the Fort Myers submarket with the highest quality multi-family community in the MSA," said Mike Aiken, SVP of Investments for Fogelman Properties. "Southwest Florida continues to benefit from national migration patterns that favor the sun belt, with the lower cost of living in the coastal areas experiencing oversized growth."

Source: Fogelman properties


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