Beacon Real Estate Group Purchases Atlanta Property
The 198-unit asset in the Morningside neighborhood was completed earlier this year by seller Westplan Investors.
2050 Morningside. Image courtesy of Beacon Real Estate Group
Beacon Real Estate Group and a fund managed by Westport Capital Partners LLC acquired the newly-built, 198-unit Accent 2050 multifamily property in Atlanta from developer Westplan Investors for $45 million. The asset is Beacon’s third multifamily investment in Georgia in the past 90 days.
Beacon plans on rebranding the property, located at 2050 Cheshire Bridge Road NE, as 2050 Morningside. The multifamily asset has 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 locks with 24-hour access and a bike storage and repair shop.
Accent 2050 is located 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 investments that will create more than 10,000 jobs and 3 million square feet of new healthcare space. The property is within a 10-minute drive of major employment hubs in Midtown, Buckhead and Clifton Corridor.
Beacon Managing Partner Richard Kulick said in a prepared statement the location in the Morningside neighborhood located between Buckhead and Midtown is coveted by renters.
Active Buyers
Completed earlier this year by Atlanta-based Westplan Investments, Beacon put the property under contract when it was 40 percent occupied. It is the third lease-up community acquired by Beacon this year. In August, Beacon acquired 53 West, a 266-unit garden-style community in Gainesville, Ga., from Varden Capital Properties and Tellus Partners for $53.2 million. That purchase came weeks after Beacon had closed on the acquisition of two other multifamily properties in the market – the 168-unit Domain at Cedar Creek and the 164-unit Gateway at Cedar Brook, sister properties in Decatur, Ga., purchased for $46.1 million.
Since August, the Miami-based Beacon has closed or put under contract more than $250 million of multifamily investments in the Southeast. Carlos Imery, also a Beacon managing partner, stated the firm will continue to actively target more lease-up communities like Accent 2050 in job growth cities like Atlanta. The firm will also be aggressively pursuing multifamily investments throughout the Southeast. Beacon currently owns more than 6,500 multifamily units in the Southeast United States, with a strong focus on secondary markets. Beacon’s portfolio also includes nearly 1 million square feet of office and retail properties in the region.
Accent 2050 was one of the first multifamily communities developed in the upper corridor of Cheshire Bridge Road. Westplan Investors, which has also developed multifamily properties in Nashville, Tenn.; Charleston, S.C.; and Charlotte, N.C., built the nearby Accent Morningside, a 239-unit property at 1989 Cheshire Bridge Road NE, and sold it for more than $54 million. That property is now called Solstice Morningside.
Robert Stickel and Alex Brown of Cushman & Wakefield arranged the Accent 2050 transaction.
