Beacon Station

Augusta, GA

Role: Developer and Equity Partner

This flagship project in Augusta, Georgia transformed 7+ acres of vacant land into a thriving, revitalized community.

1480 Wrightsboro Rd,
Augusta, GA 30901

Project Type
Ground up, urban infill, mixed use, brownfields clean up
TDC
$ 0 Million
Deal Level Returns
50.4% IRR / 3.52x Multiple
Placed in Service
December 2019
Exit Timing
June 2021
Investment Hold Period
3 years
Program
221 Class A Apartments, 900 SF Coffee Shop
Financing Method
General Obligation Bond from City of Augusta, Private Equity, Enterprise Zone, Brownfields Credits
Financial Partners
Urban Redevelopment Authority of Augusta, Richmond County (Lender); RADCO Ventures (Equity)

Delivered on commitments to Augusta and sold for the highest price ever achieved in the market.

Beacon Station is the flagship project within Augusta’s Laney Walker/Bethlehem revitalization area at the gateway to the Medical District. The vision converted more than 7 acres of vacant infill land, including a contaminated former foundry site, into a Class A apartment community comprising 221 units and more than 7,000 sf of amenity space.

The community is targeted towards users of the adjacent Medical District, the region’s economic engine. Amenities include a coffee shop, a resort-style pool and outdoor kitchen, club and fitness rooms, a yoga studio, a dog park, a theater room, and various study rooms.
Public benefits include a complete overhaul of the streetscapes adjacent to the project, improved vehicular and pedestrian safety, significant local spending, contracting requirements, and an increased local tax base.

The project was a partnership between Columbia Ventures, LLC, and RADCO Ventures and included an innovative debt financing structure in partnership with the Urban Redevelopment Agency of Augusta. The project financing closed in May 2018 and was completed in December 2019.

Despite delivering during the pandemic, the rent roll was fully stabilized by August 2020 and sold in June 2021 for the highest price ever achieved in the market.

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Other Work
Apartments
Spoke
Retail
Studioplex Alley

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