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| 53 West is a 266-unit, garden-style community located at 1000 Woodacres Road in the affluent Gainesville/Hall County submarket |
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| Richard Kulick |
MIAMI,
FL and ATLANTA, GA – Commercial real estate firm Beacon Real
Estate Group continued its acquisition push in the Atlanta market with the
$53.2 million purchase of 53 West apartment community in
Gainesville, GA.
This month, Beacon has closed on two
significant multifamily investments totaling $100 million in the area.
The 53 West transaction closed on Aug. 25.
The 53 West transaction closed on Aug. 25.
Completed
in 2019, 53 West is a 266-unit, garden-style community located at 1000 Woodacres Road in the affluent
Gainesville/Hall County submarket – one of Georgia’s fastest-growing areas. The
Class A community is 99% occupied.
“This
is an exciting acquisition for us - 53 West is a wonderful addition to our
portfolio of multifamily assets,” Beacon Managing Partner Richard Kulick
said.
“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.”
The
Gainesville/Hall County submarket is a vital economic anchor for the northeast
Atlanta metro area.
It is home to more than 350 companies and manufacturing
firms, with more than 100 new and expanded businesses adding 5,500 jobs and
$1.2 billion in capital investment since 2015.
Gainesville/Hall
County has been particularly resilient during the COVID-19 pandemic, losing
only 7.3% of jobs as of May 2020. That ranks 17th out of 338 U.S. MSA’s. The
national average was 13.2% through May.
At
53 West, minimal rent deferment has been needed to date. That underscores the
submarket’s strong demographics and ability to preserve jobs amid challenging
broader conditions.
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| Robert Stickel |
Beacon
obtained acquisition financing for 53 West from Freddie Mac and Berkadia. Mitch Sinberg and Scott Wadler of Berkadia arranged the financing.
Cushman
& Wakefield’s Robert Stickel and
Alex Brown marketed 53 West on behalf of seller Varden Capital Properties and Tellus Partners.
Earlier
this month, Beacon closed on the $46.1 million acquisition of the 168-unit
Domain at Cedar Creek and 164-unit Gateway at Cedar Brook in the Decatur
submarket of Atlanta.
Beacon
continues to aggressively pursue multifamily acquisitions in the market.
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| Alex Brown |
“We
study the fundamentals of each potential acquisition and closely examine the
surrounding area,” Beacon Managing Partner Carlos E. Imery said.
“Our team does not overreact to short-term trends. The 53 West opportunity checked every possible box for us.”
“Our team does not overreact to short-term trends. The 53 West opportunity checked every possible box for us.”
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.
Contacts:
Eric Kalis
BoardroomPR
ekalis@boardroompr.com
ekalis@boardroompr.com
954-370-8999
Daniel
Benjamin
Senior
Account Executive
BoardroomPR
O 954-370-8999
C 954-618-8287
Bank
of America Plaza | 1776 N Pine Island Road
Suite
320 | Fort Lauderdale, FL 33322
