GAINESVILLE, GA – Miami-based, Beacon Actual Property Group has lately accomplished two Atlanta-area multifamily acquisitions; investing $100 million the market.
Earlier this month, the business actual property agency acquired the 168-unit Area at Cedar Creek and the 164-unit Gateway at Cedar Brook inside Atlanta’s Decatur submarket in a $46.1 million transaction.
This week, Beacon Actual Property Group bought the 266-unit house group, 53 West in Gainesville, GA for $53.1 million from Hammond Residential. Situated at 1000 Woodacres Rd, the category A, garden-style group was accomplished in 2019 and is at the moment 99% occupied.
For its most up-to-date transaction, Beacon Actual Property Group obtained acquisition financing from Freddie Mac and Berkadia. Berkadia’s Mitch Sinberg and Scott Wadler organized the financing. Cushman & Wakefield’s Robert Stickel and Alex Brown marketed the property on behalf of the vendor.
“That is an thrilling acquisition for us – 53 West is an excellent addition to our portfolio of multifamily property,” states Beacon Actual Property Group’s managing accomplice, Richard Kulick. “Tenant demand has been unbelievable, as many profitable professionals who work within the city core are relocating to high-quality suburban communities like 53 West. It is usually one of many solely class A choices inside Corridor County.”
Greater than 350 firms and manufacturing companies are positioned inside the Northeast Atlanta metropolitan space of the Gainesville/Corridor County submarket. Since 2015, the realm has added 5,500 jobs and $1.2 billion in capital funding by greater than 100 new and expanded companies.
Throughout the COVID-19 pandemic, the realm misplaced 7.three% of jobs as of Could 2020; in comparison with the nationwide common of 13.2% by Could. Because of the submarket’s job preservation and demographics, 53 West required minimal lease deferment throughout this time.
The business actual property agency is at the moment pursuing extra multifamily transactions inside the market. The corporate at the moment owns greater than 6,000 multifamily items within the Southwest US, primarily inside secondary markets.