The Beach Company Acquires 260-Unit Forty Three 75 Apartment Community in South Fulton Submarket of Atlanta, Georgia

Atlanta, GA - Beach Real Estate Funds, LLC (BREF), an affiliate of The Beach Company, announced the acquisition of Forty Three 75 Apartments, a 260-unit garden-style multifamily community in the South Fulton submarket of Atlanta, Georgia. The acquisition was made on behalf of the Beach Investment Fund, LP, a discretionary fund that acquires and operates multifamily assets throughout the Southeastern U.S.

Forty Three 75 Apartments is a well-located community that offers direct access to the Fulton Industrial District, which is a fast-growing job corridor and the largest industrial district in the Eastern U.S. The area boasts 46 million square feet of warehouse space, over 500 industrial buildings, more than 20,000 workers and nearly $1 billion in payroll. Area tenants include Google, Amazon and FedEx, which will contribute to future job growth as the e-commerce industry continues to expand. 

The region has nearly doubled the broader Atlanta MSA’s industrial transactional activity over the past year as investors continue to show an increased confidence in the importance of warehouse and logistics for the overall economy.

Forty Three 75 also provides an affordable and close-in housing option for regional employees and is positioned to benefit significantly from the expanding corridor’s plentiful jobs and influx of employees.

"Forty Three 75’s proximity to the Fulton Industrial District and the area’s logistics and industrial nodes are unparalleled, and we are excited to increase our footprint in the fast-growing Atlanta MSA," said Darby Parker, BREF’s acquisitions manager. "Being the close-in option for this fast-growing regional workforce gives us a fantastic opportunity to provide a meaningful impact to the community for the benefit of its residents and the broader submarket."

Built in 1975, the stabilized property features 260 units averaging 799 square feet and an amenity package that includes a swimming pool, grilling/picnic pavilion, playground, fitness center and dog park.

"The rapidly growing submarket of South Fulton provides an excellent opportunity for a property-wide capital program. BREF is planning a full renovation strategy that includes significant improvements and modernization to the building exteriors, amenities and unit interiors, as well as studying the construction of a contemporary stand-alone leasing office,” said Teddy Hendricks, BREF’s director of asset management. 

"Atlanta is a market we know very well, and the Fulton Industrial Corridor’s growth story over the past few years has been remarkable," said Leonard Way, The Beach Company’s senior vice president and fund manager. "We expect this growth to continue, and we will position this property to fully benefit from the market growth." 

This transaction represents the seventh acquisition in the company's Beach Investment Fund. Chandler Brown of Global Real Estate Advisors (GREA), formerly Brown Realty Advisors, facilitated the sale on behalf of the seller. BREF's acquisitions team of Darby Parker and Niko LeVigne facilitated the sale on behalf of the buyer. Facilitated by Carter King, Greystone, the #1 HUD multifamily lender and a Top 10 Fannie Mae and Freddie Mac loan provider for the apartment sector, provided the financing.

About Beach Investment Fund LP and Beach Real Estate Funds, LLC. Launched in 2019, Charleston, S.C.-based Beach Investment Fund LP is a discretionary fund that acquires and operates multifamily assets in the Southeast U.S. and aims to implement a clear, discernible strategy to improve operations, increase cash flow and ultimately create significant value for both residents and investors. Beach Real Estate Funds LLC is the Manager for the Beach Investment Fund overseeing the operations, management, and transactional activity of Fund related assets.

About The Beach Company: Founded in 1945, The Beach Company has been a leader in residential and commercial real estate brokerage, development, and property management for over 75 years.  Led by CEO John Darby, The Beach Company upholds a tradition of establishing landmark properties and communities by evaluating each opportunity for its potential to improve the quality of life for our neighbors and contribute to the long-term economic vitality of the Southeast region.

Global Real Estate Advisors (GREA): Newly established GREA (formerly Brown Realty Advisors) is one of the largest privately-held multifamily investment sales firms in the U.S. with 11 offices and representing more than $4.5B in 2021 sales volume.

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