Real estate firm invests over $3.2 million in unit and amenity upgrades to 217-unit community
RALEIGH, NC (Oct. 4, 2022) – Beacon Real Estate Group, the Miami-based commercial real estate firm with an expansive portfolio across the Sun Belt, is transforming another of its multifamily communities in the Raleigh, North Carolina MSA. The firm is investing more than $3.2 million to extensively renovate the 217-unit Cary Pines Apartments and Townhomes.
Since acquiring Cary Pines in March 2021, Beacon has renovated 86 units and enhanced the community with a slew of new amenities. The remaining apartment renovations are expected to be finished in the second half of 2023.
Interior improvements include new stainless-steel appliances, washer-and-dryer units, granite countertops, farmhouse-style kitchen sinks and gooseneck faucets, brushed nickel hardware and fixtures, high-end cabinetry luxury vinyl wood flooring and subway tile backsplashes.
Exterior upgrades include a remodeled clubhouse and 24-hour fitness center with state-of-the-art equipment and appliances. New furniture and coffee bar invite residents to linger and socialize with their friends, while a 24/7 package locker system allows residents access to retrieve packages, food and dry cleaning on their schedule. A reimagined resort pool area with new grilling stations and dining terrace creates a truly unforgettable experience, available daily.
Recognizing that many tenants have pets, Beacon has installed a pet spa to pamper residents’ furry friends.
“Our capital improvements are raising the bar for affordable luxury living – we offer Class A amenities and finishes at a lower cost,” Beacon CEO Richard Kulick said. “We are also creating a true sense of community among residents, which is resulting in more engagement and an optimal living experience.”
Arlington Properties oversees leasing and management of Cary Pines on behalf of Beacon.
Located at 1331 Wicklow Court, Cary Pines was originally constructed in 1977. It has a mix of one and two-bedroom flats and two and three-bedroom townhomes, with spacious floorplans across all unit types.
Beacon’s Cary Pines upgrades are similar in scope to the firm’s improvement program at the 184-unit Lofts at North Hills in nearby Raleigh. Both communities were acquired last year.
“Cary Pines is a typical Beacon acquisition: identify under-managed and under-capitalized multifamily asset with poor marketing and turn them around,” Beacon COO Carlos Imery said. “Our improvements are directly benefiting Cary Pines residents’ living experience, as well as the broader Cary community.”
Raleigh has been a priority 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 areas 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.
Beacon owns more than 7,000 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.
