Real estate firm advances multimillion-dollar improvement plan for Lofts at North Hills
RALEIGH, NC (Aug. 29, 2022) – Beacon Real Estate Group, the Miami-based commercial real estate firm with an expansive portfolio across the Sun Belt, is revitalizing the 184-unit Lofts at North Hills in Raleigh, North Carolina. The firm purchased the property in September 2021 and has already made significant progress in its $2.5 million capital improvement program. Many additional enhancements are planned in the months ahead.
All apartments feature duplex, open-floor plan concepts that are being completely renovated and modernized. Beacon has finished 45 renovations to date.
Interior upgrades include the addition of stainless steel appliances, washer-and-dryer units, granite countertops, cabinetry, vinyl wood flooring and subway tile backsplashes. Beacon has also enhanced the community’s exterior areas and amenities, with a brand new clubhouse and fitness center; as well as a resort-style pool.
“Through these vast improvements, we are unlocking the potential of Lofts at North Hills to become a best-in-class residential option in North Raleigh,” Beacon CEO Richard Kulick said. “The interior unit renovations are generating a tremendous response from the renter community.”
Located on 21 acres, Lofts at North Hills has a mix of one, two and three-bedroom modern loft-style apartments with spacious floor plans. The community is just minutes away from North Hills shopping, dining and entertainment. It is also near Shelby Lake and major employers.
Raleigh has been a target market for Beacon for many years, having bought and sold close to 2,000 units over the last five years alone.
Raleigh’s Research Triangle is one of the nation’s strongest technology sector growth markets and boasts a diversified workforce focused on healthcare and white-collar professional services. Raleigh is one of the fastest-growing cities in the U.S., reflected by some of the highest household income and job growth rates in the nation.
“We are long-term believers in the Raleigh market,” Beacon COO Carlos Imery said. “The market has a critical mass of high-earning renters, which attracts substantial multifamily investment and development activity. Our firm’s investment into the transformation of Lofts at North Hills underscores that belief in the overall market’s continued growth and desirability.”
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.
About Beacon Real Estate Group
Based in Coral Gables, Florida, Beacon Real Estate Group is a commercial real estate firm that specializes in the acquisition and management of multifamily, office and retail properties in the Southeastern quadrant of the U.S. Beacon is led by real estate veterans Richard Kulick and Carlos Imery. The firm and its affiliates were founded in 1967 and have more than 50 years of continuous experience. Beacon currently controls over 10 million square feet of U.S. commercial real estate.
For more information about Beacon, visit www.bcnreg.com.
