MIAMI, FL and ATLANTA, GA – Commercial
real estate firm Beacon Real Estate Group completed the $46.1 million purchase
of 332 apartment units in the Decatur submarket of Atlanta.
The
Miami-based firm acquired the 168-unit Domain at Cedar Creek and 164-unit
Gateway at Cedar Brook.
The transaction closed on Aug. 6. Beacon obtained
acquisition financing from Fannie Mae and Berkadia.
 |
| Richard Kulick |
Built in 1970 and 1972, respectively, Domain at Cedar Creek
and Gateway at Cedar Brook are considered sister communities. They are located
within one mile from each other.
The
previous owner made substantial recent investments to upgrade roofs, siding,
HVAC systems and clubhouses at the communities.
Domain and Gateway are 99% occupied. Beacon plans to add
value through extensive interior renovations.
The communities’ location within the Decatur submarket
provides access to more than 300,000 jobs in Atlanta’s Downtown, Midtown,
Buckhead and Emory districts.
Beacon continues to aggressively pursue multifamily acquisition
opportunities.
“We are extremely well-capitalized and are stepping on the
gas during a time when many investors are on the sidelines,” Beacon Managing
Partner Carlos Imery said.
“The Greater Atlanta market continues to be a
top target for us.”
 |
| Carlos Imery |
Beacon owns more than 6,000 multifamily units in the
Southeast U.S., with a strong focus on secondary markets.
The company’s portfolio also includes nearly 1 million square feet of office and retail properties in the region.
The company’s portfolio also includes nearly 1 million square feet of office and retail properties in the region.
CONTACT:
Eric Kalis
Vice President
BoardroomPR
O 954-370-8999
C 305-794-5123
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