Miami-based investor pays $46.1 million for Domain at Cedar Creek and Gateway at Cedar Brook, which have a combined 332 units
MIAMI, FL and ATLANTA, GA (Aug. 7, 2020) – 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.
“We are thrilled to add these highly desirable communities to our expanding portfolio of multifamily assets in core markets,” Beacon Managing Partner Richard Kulick said. “These communities perfectly align with our investment focus targeting stabilized apartment properties with upside potential in strong submarkets.”
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. Decatur has experienced a boost in demand for well-priced multifamily units due to expanding healthcare and research workers moving in closer to the Clifton Corridor “Ed and Meds” employers: Emory University, Emory Healthcare, the Centers for Disease Control and Prevention (CDC), Children's Healthcare of Atlanta, and the Atlanta VA Medical Center.
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.”
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 continues experience. Beacon currently controls over 10 million square feet of U.S. commercial real estate.
For more information about Beacon, visit www.bcnreg.com.