**Beacon Real Estate Group and Promecap Fund Acquire Harper Grove for $58.1M**
Beacon Real Estate Group, in partnership with a Promecap multifamily fund, has acquired Harper Grove, a 264-unit apartment community located in Davenport. The transaction was valued at $58.1 million, according to data from Commercial Edge. The acquisition was financed with a $49 million loan from Bridge Investment Group.
The seller, OneEleven Residential, completed development of the property in 2023. The project was funded with a $40 million loan from First Horizon Bank.
Harper Grove is situated at 1005 Keymar Drive and spans 18 acres. The development consists of three four-story residential buildings offering a mix of one-, two-, and three-bedroom units ranging from 694 to 1,704 square feet. Each unit includes a private balcony or patio.
Community amenities include an expansive 11,000-square-foot clubhouse, a state-of-the-art fitness center, a saltwater swimming pool with a cabana, an entertainment bar, a gaming lounge, and a yoga lawn. Additional features cater to remote work and pet-friendly living, with coworking spaces, conference rooms, outdoor grill stations, dog parks, and a pet spa.
