The 198-unit Accent 2050 is Miami firm’s third multifamily investment in Georgia since August

MIAMI, FL and ATLANTA, GA (Nov. 30, 2020) – Commercial real estate firm Beacon Real Estate Group and a fund managed by Westport Capital Partners LLC completed a multifamily acquisition in Atlanta with the purchase of the newly built Accent 2050 to be renamed to 2050 Morningside. Since the beginning of August, Miami-based Beacon has closed or put under contract over $250 million of multifamily investments in the Southeastern U.S.

The 198-unit Accent 2050 is Beacon’s third multifamily investment in Georgia over the last 90 days. Beacon put the property under contract when it was 40% occupied and closed on the acquisition on Nov. 20.

Completed earlier this year at 2050 Cheshire Bridge Road Northeast, Accent 2050 is also the third lease-up community acquired by Beacon in 2020. Accent 2050 has a mix of studio, one and two-bedroom apartments with quartz or marble countertops; Energy Star stainless steel appliances; wood plank flooring and energy efficient LED lighting.

Community amenities include a courtyard lounge with a pool; sky lounge; fitness center with cardio, freestyle weights and high-intensity equipment; coffee bar; parcel lockers with 24-hour access and a bike storage and repair shop.

“We are thrilled to have the opportunity to add this beautiful new community to our growing portfolio,” Beacon Managing Partner Richard Kulick said. “Accent 2050’s location in the Morningside neighborhood between Buckhead and Midtown makes it particularly coveted by apartment renters.”

Robert Stickel and Alex Brown of Cushman & Wakefield arranged the transaction.

Accent 2050 is located just two minutes from the rapidly expanding healthcare hub Executive Park, which has more than 1.5 million square feet of healthcare space complemented by billions of dollars in new investment that will create more than 10,000 jobs and 3 million square feet of new healthcare space. Additionally, the community is within a 10-minute drive of the established employment nodes in Midtown, Buckhead and Clifton Corridor.

Beacon continues to aggressively pursue multifamily acquisitions in the Southeast.

“We are actively targeting more lease-up communities like Accent 2050,” Beacon Managing Partner Carlos E. Imery said. “We will keep following job growth in cities like Atlanta.”

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.

About Westport Capital Partners LLC

Westport Capital Partners LLC is a real estate investment firm focusing on adding value to real estate and “hands-on” solutions to complex situations. Westport provides domestic and international real estate related investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed, opportunistic and core plus real estate assets. The firm has offices in Los Angeles, California and Stamford, Connecticut. For more information regarding Westport Capital Partners LLC, please visit www.westportcp.com.

ATLANTA (August 10, 2020) – Berkadia announces it has secured debt for the acquisition of two apartment communities located in Decatur, Georgia. Beacon Real Estate Group, of Coral Gables, Fla., acquired the 168-unit Domain at Cedar Creek and 164-unit Gateway at Cedar Brook apartments for a combined $46.1 million.

 Managing Director Scott Wadler, Senior Managing Director Mitch Sinberg, and Senior Director Matt Nihan of Berkadia’s South Florida team arranged financing through Fannie Mae. 

Fannie Mae provided a $19.16 million loan for Domain at Cedar Creek and $16.01 million in financing for Gateway at Cedar Brook. Both were fixed-rate, 15-year loans, with nine years interest only, at approximately 75% loan to value. 

 “Beacon’s strong track record coupled with favorable debt market dynamics allowed us to secure these 15-year loans at an aggressive rate below 3 percent,” said Sinberg. “Proceeds from the loan will be used to undertake a strategic property and unit repositioning.”

  “The properties are being acquired during an extremely opportune window,” added Wadler. “Beacon was able to purchase the two property portfolio at a cap rate slightly above market as a result of COVID disruption and simultaneously capitalize on a treasury yields that compressed over the last 90 days to ‘floor’ pricing.”

 Beacon Managing Partner Richard Kulick commented, “We are thrilled to add these highly desirable communities to our expanding portfolio of multifamily assets in core markets.”

 Beacon Managing Partner Carlos E. Imery said, “We are extremely well-capitalized and are stepping on the gas during a time when many investors are on the sidelines.”

 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.

 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. Both properties are 99% occupied. Beacon plans to add value through extensive interior renovations.

 Located at 3073 Cedar Creek Parkway, Domain at Cedar Creek offers one-, two- and three-bedroom apartments ranging in size from 750 square feet to 1,350 square feet. Apartments feature spacious open layouts, walk-in closets, washer/dryer, and patios or balconies. Amenities in the gated, pet-friendly community include two pools with a sundeck, a lighted tennis court, fitness center, playground, package service, laundry facility and sand volleyball court.

 Located at 3117 Cedar Brook Drive, Gateway at Cedar Brook also offers one-, two- and three-bedroom apartments ranging in size from 750 square feet to 1,350 square feet. Community amenities include a 24-hour fitness center, two pools, a playground, and it is located on a MARTA Busline.

 Both communities are conveniently located near Highway 78 and I-285 and just a few minutes from both downtown Decatur and downtown Atlanta. Emory University, Dekalb Medical Center, North DeKalb Mall, Emory Hospital and a variety of employment centers and shopping/retail destinations are all located within a few miles. 

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.