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Beacon Real Estate Group acquires Georgia multifamily community for $45m
Beacon Real Estate Group announced the acquisition of Prose Concord, a 300-unit multifamily community in Jefferson, Ga., for $45 million. Berkadia arranged the acquisition loan, and Freddie Mac provided the 10-year term loan, with five years of interest-only and a fixed interest rate.
“Prose Concord is a well-constructed, new vintage asset in a high growth submarket,” said Scott Wadler, managing director at Berkadia. “We were primed to lock in attractive leverage and fixed-rate pricing for Beacon, relative to where interest rates had been at the beginning of 2023.”
Located at 575 Concord Road, Prose Concord was built in 2022 and offers one- and two-bedroom apartments that range from 836 square feet to 1,188 square feet. Individual units feature modern stainless-steel appliances, kitchen islands, custom cabinetry with granite countertops, washers and dryers, wood-style flooring, walk-in closets, and kitchen and linen pantries. Community amenities include a resor