Beacon Real Estate Acquires $100M in Atlanta Multifamily Assets
Through the acquisitions of three apartment communities, the company aims to capitalize on the area’s continued job growth.
GAINESVILLE, GA – Miami-based, Beacon Real Estate Group has recently completed two Atlanta-area multifamily acquisitions; investing $100 million the market.
Earlier this month, the commercial real estate firm acquired the 168-unit Domain at Cedar Creek and the 164-unit Gateway at Cedar Brook within Atlanta’s Decatur submarket in a $46.1 million transaction.
This week, Beacon Real Estate Group purchased the 266-unit apartment community, 53 West in Gainesville, GA for $53.1 million from Varden Capital Properties and Tellus Partners. Located at 1000 Woodacres Rd, the class A, garden-style community was completed in 2019 and is currently 99% occupied.
For its most recent transaction, Beacon Real Estate Group obtained acquisition financing from Freddie Mac and Berkadia. Berkadia’s Mitch Sinberg and Scott Wadler arranged the financing. Cushman & Wakefield’s Robert Stickel and Alex Brown marketed the property on behalf of the seller.
“This is an exciting acquisition for us – 53 West is a wonderful addition to our portfolio of multifamily assets,” states Beacon Real Estate Group’s managing partner, Richard Kulick. “Tenant demand has been incredible, as many successful professionals who work in the urban core are relocating to high-quality suburban communities like 53 West. It is also one of the only class A options within Hall County.”
More than 350 companies and manufacturing firms are located within the Northeast Atlanta metropolitan area of the Gainesville/Hall County submarket. Since 2015, the area has added 5,500 jobs and $1.2 billion in capital investment through more than 100 new and expanded businesses.
During the COVID-19 pandemic, the area lost 7.3% of jobs as of May 2020; compared to the national average of 13.2% through May. Due to the submarket’s job preservation and demographics, 53 West required minimal rent deferment during this time.
The commercial real estate firm is currently pursuing additional multifamily transactions within the market. The company currently owns more than 6,000 multifamily units in the Southwest US, primarily within secondary markets.
