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.

Real estate firm’s Pointe at Clearwater named “Renovated Property of the Year” following multimillion-dollar improvement program

TAMPA, FL (Oct. 14, 2022) – Beacon Real Estate Group, the Miami-based commercial real estate firm with an expansive portfolio across the Sun Belt, is bringing new life to a 1970s vintage apartment community in the Tampa MSA through extensive renovations and upgrades. The firm’s $4.62 million capital improvements program at The Pointe at Clearwater community has resulted in prestigious real estate industry recognitions.

Since acquiring the 252-unit community at 2554 Oak Trail South in April 2021, Beacon has completed many enhancements and rebranded the community (formerly known as the Columns at Allen’s Creek) with a new name, logo and graphic design elements.

Interior improvements to The Pointe at Clearwater’s one and two-bedroom apartment homes include new stainless-steel appliances, quartz countertops, high-end cabinetry, sink, hardware and fixtures, subway tile backsplashes, luxury vinyl wood flooring and patio screens.

The property’s exterior was re-skinned with new siding and manicured landscaping. Exterior upgrades will include a remodeled clubhouse with new furniture, 24-hour fitness center with state-of-the-art equipment, re-imagined resort pool area with a new deck, furniture and grilling station for residents to enjoy and socialize with friends and family.

The pet-friendly Pointe at Clearwater also features tennis courts, a sand volleyball court, picnic area, laundry facility and car wash station. It is located near public transportation and 10 minutes from the St. Pete-Clearwater International Airport.

Clearwater experienced 44% apartment rent growth in 2021, according to Apartment List. That is substantially higher than the 18% national average.

“When evaluating key indicators, such as population, employment and wage growth, Clearwater checks all the boxes,” Beacon CEO Richard Kulick said. “The city is booming, along with the entire Tampa/St. Petersburg region.”

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.

Property images: https://www.dropbox.com/scl/fo/d180kg6txyiuqgms2xvpd/h?dl=0&rlkey=we5s14zuzc8lti73qmcakgmxo

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.

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.

Berkadia announces it has secured financing for the acquisition of Urbana at Plum Creek, a 144-unit single family, built-to-rent community in Kyle, Texas. Managing Director Scott Wadler of Berkadia Miami and Senior Director Matt Nihan of Berkadia Boca Raton arranged financing on behalf of Beacon Real Estate Group, a commercial real estate acquisition and management firm based in Coral Gables, Fla.

CrossHarbor Capital Group originated the three-year loan with extension options.

“This was a great opportunity to acquire a single-family, build-to-rent property located next to the Plum Creek master planned community. This is becoming a prominent sub-asset class and there is extremely limited product available like this in the submarket,” added Wadler.

Built in 2021 and located at 151 Rikardson Street, Urbana at Plum Creek offers single family one-, two- and three-bedroom home rentals ranging from 632 square feet to 1,246 square feet. The individual detached apartments feature smart housing technology that includes Spectrum TV, internet, a Ring doorbell and the SmartRent App, stainless steel appliances, granite countertops, a kitchen island with an extended bar, recessed lighting, modern fixtures and a private backyard. Community amenities include a resort-style swimming pool, an outdoor lounge with a fire pit and grilling spaces, a fenced pet park with pet washing stations, reserved parking and a Town Center with shopping and dining.

Situated in Kyle, Texas, Urbana at Plum Creek is south of Austin on I-35 and is close to the Seton Medical Center, the Austin Community College, Steepchase Park and Lake Kyle.