Fogelman Properties Acquires 288-Unit The Ovilla in Red Oak, Expanding Texas Footprint

Fogelman Properties has acquired The Ovilla, a 288-unit multifamily community in Red Oak, Texas, the firm announced Aug. 19. The purchase expands Fogelman's Texas presence to nine communities and 3,012 units under management across the state.

The Ovilla, located at 241 North Overlook Drive in Red Oak — roughly 10 miles south of Dallas in Ellis County — was built in 2023 and was 95% occupied at the time of acquisition. Apartment homes range from 600 to 1,351 square feet, with rents starting at $1,715 per month. Sale price, cap rate, and financing terms were not disclosed.

Asset Profile and Capital Plan

The Ovilla is a Class A garden-style community situated within Legacy Square, a mixed-use development in Red Oak. Amenities include a resort-style pool, clubhouse, fitness center, gazebos, and pet-friendly features. Fogelman will manage the property and has outlined a capital improvement plan focused on clubhouse and exterior amenity updates — a relatively light scope consistent with the asset's 2023 vintage.

The property's starting rent of $1,715 per month positions it near current DFW median asking-rent levels, which have faced modest downward pressure amid a broader wave of new deliveries across the metro. The Ovilla's near-full occupancy at closing reflects a stabilized asset rather than a value-add repositioning play.

Red Oak Market Thesis

Thomas Henry, vice president of investments at Fogelman Properties, cited a convergence of population growth, job creation, and constrained new supply as the rationale for the acquisition.

"Red Oak checks every box we look for; population is up roughly 31% since 2020, and new supply on the south side of Dallas has all but dried up," Henry said. "Just 2% of existing inventory in the submarket is set to deliver over the next 18 months, even as DFW keeps adding jobs faster than any other market in the country. That combination of population and job growth, coupled with limited new supply, positions Red Oak incredibly well, and The Ovilla gives us a strong foothold in the market."

The DFW metro added more than 800,000 residents between 2020 and 2025, ranking first nationally in absolute population gains during that period. The metro has also led the country in employment growth from 2019 through 2026, adding approximately 604,400 jobs — a gain of roughly 16.3%. South and East Dallas submarkets, including Red Oak's corridor, are among the most supply-constrained in the region, with new deliveries projected at less than half of 2025 levels over the near term.

Fogelman's Broader Acquisition Pace

The Ovilla marks Fogelman Properties' third acquisition in the past nine months. The firm previously purchased The Vineyards in Germantown, Tennessee, and Inkwell Greenhouse, a 300-unit community in Katy, Texas. Fogelman's management portfolio now spans more than 120 communities totaling nearly 35,500 units across 12 states in the Southeast, Southwest, and Midwest.

Fogelman Properties is a privately owned multifamily investment management and property services company with more than 60 years of operating history. The firm specializes in multifamily acquisitions, asset management, property management, and construction management.

Sources

Fogelman Properties — Official Announcement