Florida company buys two apartment complexes in greater Decatur
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Greater Decatur, GA — Beacon Real Estate Group, a Florida-based company, recently purchased two apartment complexes off of Valley Brook Road in Greater Decatur.
According to a press release, the company bought the 168-unit Domain at Cedar Creek and 164-unit Gateway at Cedar Brook apartments for a combined $46.1 million.
Both complexes were built in the early 1970s. Domain at Cedar Creek is located at 3073 Cedar Creek Parkway. Gateway at Cedar Brook is located at 3117 Cedar Brook Drive.
Carlos Imery, a managing partner at Beacon Real Estate Group, told Decaturish his company closed on the properties last Thursday.
“It’s a really good location,” Imery said. “The idea is to renovate the units and make it better for the tenants. I think the prior owner did a great job in renovating the clubhouse and the exterior. The only thing that was left was the interior of the units.”
Imery said the renovations would make the apartments “nicer and more modern.”
He said the company has no plans to tear the apartments down and build something new. He said the company also has no plans to raise the rent on current tenants but noted that the rent is dictated by the market.
“That’s not what we’re projecting at the moment,” he said. “It’s market rents, but we plan to provide better services and better units.”
According to the press release, Beacon owns 6,000 multifamily units in the southeast.
Berkadia Property Holding secured the debt for the purchases. Managing Director Scott Wadler, Senior Managing Director Mitch Sinberg, and Senior Director Matt Nihan of Berkadia’s South Florida team arranged the financing through Fannie Mae, the press release said.
“The properties are being acquired during an extremely opportune window,” Wadler said in the press release. “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 treasury yields that compressed over the last 90 days to ‘floor’ pricing.”
To read the full press release, click here.
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