Beacon Group Buys 2nd Phase of Luxury Georgia Asset
The company now owns all of the property's 280 units.
Beacon Real Estate Group has completed the acquisition of Exchange at 1105, a 280-unit luxury multifamily community in LaGrange, Ga., by purchasing its second phase from Property One. The company acquired the first phase in March 2022 for $37.5 million and the sale involved a $49 million acquisition and development loan from AllianceBernstein Debt Funds, according to Yardi Matrix data. Berkadia brokered the transaction and secured financing for both phases.
Completed in December, the garden-style property’s second phase comprises 82 units including one- and two-bedroom floorplans ranging from 763 to 1,325 square feet. The first phase was finalized in 2021 and encompasses 192 units incorporating one-, two- and three-bedroom layouts averaging 902 square feet. Apartments feature in-unit washers and dryers, stainless-steel appliances, granite countertops and ceiling fans. Common-area amenities include a fitness center, dog park, clubhouse and swimming pool.
Located at 1105 S. Davis Road, the 25-acre site is close to Interstate 85, providing access to large metros such as Atlanta and Columbus. It is also roughly 4 miles from the center of LaGrange, which offers numerous retail and dining options.
Berkadia Miami’s Managing Director Scott Wadler and Senior Director Matt Nihan arranged financing. Wadler mentioned in prepared remarks that the LaGrange market is historically undersupplied, with only three multifamily properties being delivered over the past decade. He was also recently involved in securing $215 million for the construction of a 1 million-square-foot project in Miami.