Real estate firm secures off-market opportunity to purchase newly constructed 280-unit community located southwest of Atlanta
ATLANTA, GA (March 21, 2023) – Beacon Real Estate Group, the Miami-based commercial real estate firm with an expansive portfolio across the Sun Belt, completed its phased acquisition of the brand-new Exchange at 1105 apartment community located southwest of Atlanta in LaGrange, Georgia. This purchase is part of Beacon’s pre-stabilized strategy: provide a quick exit to developers shortly after obtaining the property’s certificate of occupancy to maximize the developer’s internal rate of return.
Exchange at 1105 features custom home luxury finishes and best-in-class amenities. It was built within the Georgia International Business Park in two phases, with the 198-unit first phase completed in 2021 and the 82-unit second phase finished in December 2022.
Beacon closed on the first phase in March 2022 and the second phase on March 16, 2023. The deal was purchased on an off-market basis.
“This was a rare chance to forward-purchase a brand-new apartment community in a prime Georgia submarket,” Beacon CEO Richard Kulick said. “Our relationships, market knowledge, and strong capitalization enabled this off-market deal to materialize. Exchange at 1105 is already a major hit with renters.”
The first phase of the community is fully stabilized following a successful 40-unit per month lease-up. Phase II is on a similar trajectory, with its heavier mix of two and three-bedroom apartments.
Exchange at 1105 has multiple unique economic drivers, while new supply has remained muted. Georgia International Business Park is the fourth-largest business park in the United States and 10 minutes from the property. Exchange at 1105 is also near Kia Motors’ car manufacturing facility, I-85, I-185, downtown LaGrange’s dining and entertainment scene and major tourist destinations Callaway Gardens and Great Wolf Lodge.
“We have actively acquired multifamily assets throughout Georgia over the last several years,” Beacon COO Carlos Imery. “Exchange at 1105 represents an opportunity to acquire an asset in a submarket with deep supply-and-demand imbalance; we were early movers to a market that later caught the attention of several developers.”
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.
