The 198-unit Accent 2050 is Miami firm’s third multifamily investment in Georgia since August
Commercial real estate firm Beacon Real Estate Group and a fund managed by Westport Capital Partners LLC completed a multifamily acquisition in Atlanta with the purchase of the newly built Accent 2050 to be renamed to 2050 Morningside. Since the beginning of August, Miami-based Beacon has closed or put under contract over $250 million of multifamily investments in the Southeastern U.S.
The 198-unit Accent 2050 is Beacon’s third multifamily investment in Georgia over the last 90 days. Beacon put the property under contract when it was 40% occupied and closed on the acquisition on Nov. 20.
Completed earlier this year at 2050 Cheshire Bridge Road Northeast, Accent 2050 is also the third lease-up community acquired by Beacon in 2020. Accent 2050 has a mix of 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 lockers with 24-hour access and a bike storage and repair shop.
“We are thrilled to have the opportunity to add this beautiful new community to our growing portfolio,” Beacon Managing Partner Richard Kulick said. “Accent 2050’s location in the Morningside neighborhood between Buckhead and Midtown makes it particularly coveted by apartment renters.”
Robert Stickel and Alex Brown of Cushman & Wakefield arranged the transaction.
Accent 2050 is located just two 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 investment that will create more than 10,000 jobs and 3 million square feet of new healthcare space. Additionally, the community is within a 10-minute drive of the established employment nodes in Midtown, Buckhead and Clifton Corridor.
Beacon continues to aggressively pursue multifamily acquisitions in the Southeast.
“We are actively targeting more lease-up communities like Accent 2050,” Beacon Managing Partner Carlos E. Imery said. “We will keep following job growth in cities like Atlanta.”
Beacon owns more than 6,500 multifamily units in the Southeast U.S., with a strong focus on secondary markets. The company’s portfolio also includes nearly 1 million square feet of office and retail properties in the region.
About Beacon Real Estate Group
Based in Coral Gables, Florida, Beacon Real Estate Group is a commercial real estate firm that specializes in the acquisition and management of multifamily, office and retail properties in the Southeastern quadrant of the U.S. Beacon is led by real estate veterans Richard Kulick and Carlos E. Imery. The firm and its affiliates were founded in 1967 and have more than 50 years of continues experience. Beacon currently controls over 10 million square feet of U.S. commercial real estate.
For more information about Beacon, visit www.bcnreg.com.
About Westport Capital Partners LLC
Westport Capital Partners LLC is a real estate investment firm focusing on adding value to real estate and “hands-on” solutions to complex situations. Westport provides domestic and international real estate related investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed, opportunistic and core plus real estate assets. The firm has offices in Los Angeles, California and Stamford, Connecticut. For more information regarding Westport Capital Partners LLC, please visit www.westportcp.com.
