GAINESVILLE, GA – Miami-based Beacon Real Estate Group recently completed two multi-family acquisitions in the Atlanta area. Invest $ 100 million in the market.
Earlier this month, the commercial real estate company acquired the 168-unit domain in Cedar Creek and the 164-unit gateway in Cedar Brook in the Decatur submarket of Atlanta in a $ 46.1 million transaction.
This week, Beacon Real Estate Group purchased the 266-unit 53 West community in Gainesville, GA for $ 53.1 million from Hammond Residential. Located on 1000 Woodacres Rd, the Class A garden style community, was completed in 2019 and is currently 99% occupied.
For the most recent transaction, Beacon Real Estate Group received acquisition funding from Freddie Mac and Berkadia. Berkadias Mitch Sinberg and Scott Wadler arranged the funding. Robert Stickel and Alex Brown of Cushman & Wakefield marketed the property on behalf of the seller.
"This is an exciting acquisition for us – 53 West is a wonderful addition to our multi-family property portfolio," said Richard Kulick, Managing Partner of Beacon Real Estate Group. “The demand from tenants has been incredible as many successful professionals working in the urban core are moving to high quality suburban communities like 53 West. It's also one of the few Class A options in Hall County. "
More than 350 corporations and manufacturing companies are located in the Northeast Atlanta metropolitan area of the Gainesville / Hall County submarket. Since 2015, the area has created 5,500 jobs and $ 1.2 billion in capital investments through more than 100 new and expanded companies.
During the COVID-19 pandemic, the area lost 7.3% of jobs in May 2020. compared to the national average of 13.2% by May. Due to the preservation of jobs and the population structure of the submarket, 53 West only required a minimal rent deferral during this period.
The commercial real estate company is currently pursuing additional multi-family transactions in the market. The company currently owns more than 6,000 apartment buildings in the US Southwest, primarily in secondary markets.
53 West in Gainesville, GA.