Beacon Real Estate Group has expanded its Georgia footprint with the purchase of The Exchange at 1105, a 280-unit luxury community in LaGrange. Berkadia provided the buyer with an acquisition loan from Alliance Bernstein.
The buy brought Beacon’s Georgia portfolio to more than 1,000 units, according to Yardi Matrix data. At the end of 2020, the company teamed up with Westport Capital Partners LLC and acquired Accent 2050, a 198-unit community in Atlanta, for $45 million.
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Managing Director Scott Wadler and Senior Director Matt Nihan of Berkadia’s office in Miami arranged the current financing deal. Wadler said, in a prepared statement, that while the LaGrange market is experiencing corporate investment and expansion, alongside rapid growth, it remains undersupplied as only three high-quality multifamily developments were completed in the last decade.
A high-end property
In 2018, Davis Road Developers LLC broke ground on what was, at the time, the first major multifamily project in LaGrange in 10 years. The Exchange at 1105 took shape on roughly 30 acres within Georgia International Business Park, one of the largest business campuses in the U.S.
Completed in 2021, the community encompasses one-, two- and three-bedroom apartments ranging from 689 to 1,235 square feet, with smart lock entries, stainless steel appliances, granite countertops and walk-in closets. Common-area amenities include a fitness center, clubhouse, resident lounge, business center, dog park, pet spa and swimming pool.
Located some 3 miles from downtown LaGrange at 1105 and 1195 S. Davis Road, the property is within 2.5 miles of Shuford Fields and George Harris Complex. Several dining, retail and entertainment options, as well as the LaGrange Mall, are 1.5 miles away. Interstate 85 is less than 1 mile east of the community, connecting it to Atlanta, Newnan, Ga., and Auburn, Ga.