Beacon Real Estate expands footprint in Georgia
Beacon Real Estate Group expanded its Georgia footprint with the purchase of The Exchange at 1105, a 280-unit luxury community in LaGrange. Berkadia granted the buyer an acquisition loan of Alliance Bernstein.
The purchase took Beacon’s Georgian portfolio to more than 1,000 units, according to Yardi Matrix data. At the end of 2020, the company partnered with Westport Capital Partners LLC and acquired Accent 2050, a 198-unit community in Atlanta, for $45 million.
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General Manager Scott Wadler and Senior Manager Matt Nihan of Berkadia’s Miami office arranged the current financing deal. Wadler said, in a prepared statement, that while the LaGrange market is seeing investment and business expansion alongside rapid growth, it remains undersupplied as only three high-quality multi-family developments were completed in the past year. last decade.
A high-end property
In 2018, Davis Road Developers LLC broke ground on what was, at the time, the first major multi-family project in LaGrange in 10 years. The exchange at 1105 took shape on approximately 30 acres within the Georgia International Business Park, one of the largest business campuses in the United States.
Completed in 2021, the community features one-, two-, and three-bedroom apartments ranging from 689 to 1,235 square feet, with smart keyholes, stainless steel appliances, granite countertops, and walk-in closets. Common facilities include a fitness center, clubhouse, residents’ lounge, business center, dog park, pet spa, and swimming pool.
Located approximately 3 miles from downtown LaGrange at 1105 and 1195 S. Davis Road, the property is less than 2.5 miles from Shuford Fields and the George Harris Complex. Several restaurants, shops and entertainment venues, as well as the LaGrange shopping center, are 2.4 km away. Interstate 85 is less than 1 mile east of the community, connecting it to Atlanta, Newnan, Ga., and Auburn, Ga.