The Beach Company Acquires Atlanta Apartment Community
The 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.