Miami firm adds 260-unit apartment community to rapidly expanding Southeast U.S. portfolio
MIAMI, FL and RALEIGH, NC (Jan. 29, 2021) – Commercial real estate firm Beacon Real Estate Group purchased Ardmore Heritage, a 260-unit apartment community in the Wake Forest submarket of Raleigh, North Carolina. The Miami-based investor now has several multifamily properties in the Research Triangle region.
Financial terms were not disclosed. The off-market transaction closed on Jan. 22, 2021.
Built in 2014, Ardmore Heritage, to be renamed The Pointe at Heritage, has experienced above-market rent growth over the past year driven by increasing renter demand in Wake Forest and a lack of new construction in the area. Beacon plans to update the property with interior and exterior improvements to meet market demands
The original developer owned Ardmore Heritage until the sale to Beacon.
“Ardmore Heritage is a well-constructed community in an optimal location to attract renters from the entire Research Triangle,” Beacon Managing Partner Richard Kulick said. “The seller was an absolute pleasure to work with. We look forward to adding further value to the community through our planned improvements.”
Watson Bryant of Cushman & Wakefield arranged the transaction.
The Research Triangle ranks second nationally in technology sector growth, with 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.
For Beacon, The Pointe at Heritage acquisition follows an active second half of 2020. From the beginning of August 2020 through the end of the year, Beacon closed or put under contract over $375 million of multifamily investments in the Southeast
Beacon continues to aggressively pursue multifamily opportunities in the Southeast, targeting communities with more than 150 units.
“The Ardmore Heritage investment kicks off what will be a busy 2021 for our firm,” Beacon Managing Partner Carlos E. Imery said. “We have another acquisition in the pipeline in the Raleigh market, which has the kind of high-paying jobs that create a critical mass of affluent renters by choice. We are long-term believers in the market.”
Beacon owns more than 6,500 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 E. 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.