**Brookfield Properties Acquires 349-Unit Multifamily Community in Charlotte**
Brookfield Properties has expanded its multifamily portfolio with the acquisition of Beacon Hill, a 349-unit rental community located in Charlotte, North Carolina. The purchase price was $43 million.
Originally completed in 1986, Beacon Hill is situated at 1322 Beacon Ridge Road. Brookfield assumed the outstanding balance of $32.7 million from a $33 million CMBS loan backed by Fannie Mae as part of the transaction.
The seller, LivCor, had acquired the property from Bridge Investment Group in 2019 for $41 million, according to Commercial Edge.
The Beacon Hill community comprises 14 two- and three-story residential buildings set on more than 14 acres. The property offers a mix of one- and two-bedroom apartments ranging in size from 530 to 1,079 square feet. Each unit includes private balconies or patios.
Residents have access to a host of shared amenities, including a fitness center, swimming pool, business center, and dog park. Additional features include 500 parking spaces, grilling stations, and outdoor lounge areas.
