TAMPA, FL – Commercial real estate firm Beacon Real Estate Group closed another significant multifamily acquisition with its purchase of the Beach Club apartment community in northwest Tampa, Florida. 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 off-market Beach Club transaction closed on Nov. 6. Beacon obtained acquisition financing from Berkadia/Freddie Mac.
Completed in 1979, the 200-unit Beach Club is a compelling value-add opportunity for Beacon near Westshore Business District. Residents benefit from the community’s easy access to I-275, the Tampa International Airport, Lowry Park Zoo and various shopping and dining venues.
Community amenities include a swimming pool, outdoor kitchen, fitness center, private dock and business center with complimentary Wi-Fi. Beach Club is pet-friendly with a dog park and walking paths.
“We are thrilled to add Beach Club to our robust portfolio of multifamily assets in the Southeast U.S.,” Beacon Managing Partner Richard Kulick said. “Our team will implement an extensive capital improvements program to upgrade the community.”
Berkadia arranged the property transaction and financing.
Beacon continues to aggressively pursue multifamily acquisitions in Florida and Georgia.
“Our investment strategy revolves around following where the jobs are going,” Beacon Managing Partner Carlos E. Imery said. “The Tampa area has benefitted from substantial job creation in technology, finance and healthcare.”
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 over 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 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.