Brookfield Buys 2 for $139M
These assets previously traded for a combined $125 million.
Brookfield Properties has acquired Beacon Hill, a 349-unit community in Charlotte, N.C., for $43 million, according to Yardi Matrix information. The firm also purchased Arches at Hidden Creek, a 432-unit property in Chandler, Ariz., for $95.5 million, public records show. LivCor sold both assets.
Completed in 1986, Beacon Hill is at 1322 Beacon Ridge Road, close to a host of dining and retail options. Downtown Charlotte is 5 miles northeast, while Charlotte Douglas International Airport is within 8 miles.
Brookfield Properties acquired the asset and assumed the $32.7 million outstanding balance of a $33 million CMBS loan held by Fannie Mae, Yardi Matrix shows. The property previously traded in May 2019, when LivCor acquired it from Bridge Investment Group for $41 million.
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The community encompasses 14 two- and three-story buildings spread across more than 14 acres. The unit mix consists of one- and two-bedroom floorplans ranging from 530 to 1,079 square feet. Apartments feature private balconies or patios.
Common-area amenities include a fitness center, swimming pool, business center and dog park. The property also has 500 parking spaces, grilling stations and lounge areas.
The Chandler community
Completed in the same year, Arches at Hidden Creek is at 1586 W. Maggio Way, 2 miles from downtown Chandler. Phoenix Sky Harbor International Airport is 16 miles away, while downtown Phoenix is less than 22 miles northwest.
LivCor previously acquired the asset in November 2019 for $84 million, according to the same data provider. Security Properties was the seller.
The community comprises 24 two-story buildings across 22 acres. The unit mix features one-, two- and three-bedroom floorplans with private balconies or patios, varying from 657 to 1,066 square feet.
Amenities include a fitness center, a clubhouse, four swimming pools and two spas. The property also has a sundeck, outdoor lounge area and yoga room, as well as grilling stations and more than 730 parking spots.
