REBusinessOnline

Beacon Real Estate Acquires Multifamily Community Near Atlanta for $53.2M

Communal amenities at 53 West include a clubhouse, resident lounge, fitness center, pool and a dog park.

GAINESVILLE, GA. — Beacon Real Estate Group has acquired 53 West, a 266-unit multifamily community in Gainesville, for $53.2 million. The property, which was delivered in 2019, offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, resident lounge, fitness center, pool and a dog park. The complex is located at 1000 Woodacres Road, 49 miles northeast of downtown Atlanta. The community was 99 percent occupied at the time of sale. Mitch Sinberg and Scott Wadler of Berkadia originated a Freddie Mac acquisition loan on behalf of the Coral Gables, Fla.-based buyer. Terms of the loan were not disclosed. Robert Stickel, Tyler Averitt and Alex Brown of Cushman & Wakefield represented the seller, Varden Capital Properties and Tellus Partners, in the transaction.

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