In the first semester of 2023, not one, not two, but THREE multifamily investments were completed!
The Oceanaire Apartments
January 2023 – 245 units
An antique multifamily building situated in the Central Pinellas submarket in Largo, Florida. This location is highly sought after and has shown stable rent growth since 2015. It also has the greatest manufacturing employment base in the Tampa area, with over 100,000 jobs within a 10-minute drive.
With low in-place rentals and a great chance for value addition and markup, the property presented a great prospect for rent growth on new leases and renewals.
The area’s largest one- and two-bedroom floorplans, averaging 1,155 square feet, are available here. A fitness center, dog park, brand-new clubhouse, two pools, enhanced mailboxes, and a car care station are now among the freshly refurbished community amenities.
The Exchange at 1105
280 units
We acquired The Exchange at 1105, a recently constructed apartment community in a submarket with a substantial supply-and-demand imbalance, as early movers in LaGrange, Georgia. The fact that the asset was acquired off-market speaks to our capacity to spot top-notch investment prospects.
The two completion dates for the phased acquisition were March 16 and 20, 2023. Due to its proximity to the Georgia International Business Park, the fourth-largest business park in the US, and the Kia Motors manufacturing complex, this was a very alluring investment. The property is close to the busy dining and nightlife scene in downtown LaGrange as well as well-known tourist attractions like Callaway Gardens and Great Wolf Lodge. It is conveniently accessible from major roads like I-85 and I-185.
The Pointe at Concord
April 2023 – 300 units
The Pointe at Concord apartment complex, which is located at 575 Concord Road in Jefferson, Georgia, and was formerly known as Prose Concord, was purchased by Beacon on April 4.
Because of its prime position near the Georgia Northeast Inland Port and at the intersection of SR-129 and I-85 in Jefferson, Georgia, the property has emerged as a center for the growth of industrial and precision manufacturing. Within a 10-mile radius, there are more than 30 million square feet of industrial real estate, home to well-known businesses including Amazon, SK Battery America, Midway, GXO, and Walmart. However, The Pointe at Concord presents a compelling investment opportunity because the housing supply has not kept pace with the expanding population and economic foundation.
