Property: The Ovilla
Buyer: Fogelman Properties
Seller: Withheld
Property type: Garden-style
Units: 288
Location: Red Oak, Texas
Price: Withheld

Fogelman Properties announced today the acquisition of The Ovilla, a 288-unit multifamily community in Red Oak, Texas, located in the Dallas-Fort Worth (DFW) metro area, according to a press release shared with Multifamily Dive.

While the DFW market has absorbed significant new supply over the past two years, the Memphis, Tennessee-based multifamily investment and property management firm determined that only 2% of existing inventory is delivering in the far south suburbs of Dallas over the next 18 months.

“Ellis County provides us with DFW-adjacent fundamentals, like job access and population growth, at a basis that’s still attractive relative to the core areas of Dallas,” said Thomas Henry, vice president of investments at Fogelman, in emailed comments to Multifamily Dive. “We also view the TxDOT infrastructure investment along I-35 near the property as a signal of long-term commitment to growth in that area.”

The Ovilla, built in 2023 and currently 95% occupied, features apartment homes ranging from 600 to 1,351 square feet, with rental rates starting at $1,715 per month, according to the press release. Fogelman will manage the property and execute a capital improvement plan that includes clubhouse and exterior amenity updates.

Henry said the combination of population and job growth, along with limited new supply, positions Red Oak well. Still, the broader DFW market continues to grapple with supply. The market has one of the lowest occupancy rates in the country, according to Yardi Matrix.

With this purchase, Fogelman now owns nine communities and manages 3,012 units across Texas. In the last nine months, the firm has completed three acquisitions, including The Vineyards in Germantown, Tennessee, and the 300-unit Inkwell Greenhouse in Katy, Texas.

“Fogelman remains active across the Southeast, Midwest and Texas with a continued focus on markets where supply is moderating, and we are seeing fundamentals improving,” Henry said.

The firm continues to seek additional acquisitions. “We’re underwriting more deals today than we were a year ago and expect that momentum to continue as more owners decide it’s time to transact rather than wait out the cycle,” Henry added.

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