Blaze Capital Partners this week announced the sales of Stadium Walka 309-unit apartment community in the Cumberland-Galleria submarket, and Overlook at Huntcresta 299-unit apartment community in Gwinnett County.
“The two-pack sale marks Blaze’s successful repositioning of the properties to improve the overall resident experience and deliver outstanding results for both partners and investors,” according to a press release announcing sales. “Since acquiring Stadium Walk and Overlook at Huntcrest in September 2018, Blaze has thoughtfully executed on its strategy of repositioning the garden-style apartment communities into highly amenitized, desirable places to live for residents.”
Blaze did not disclose the sales price of each community but did say that they were sold as a “two-pack” to the same buyer who was also not disclosed.
“Atlanta has continued to be a strategic investment hub for us with a focus on acquiring institutional quality communities in fantastic growth locations,” Chris Riley, co-founder and managing partner at Blaze, said. “With global and regional employer headquarters, unique mixed-use environments like The Battery and Suwanee Town Center, and easy access to neighboring urban and suburban areas, both apartment communities are located in transforming submarkets. We’re pleased with the investments we’ve put into these properties and look forward to exploring additional opportunities across the greater Atlanta area. ”
Located in Cobb County and just minutes from Truist ParkStadium Walk sits directly north of The Battery Atlanta. The community features Class A interior unit finishes and community amenities, such as spa-inspired bathrooms, designer lighting and fixtures, walk-in closets, a fitness center, yoga and spin studio, pool and sunning deck and a fire pit with grilling facilities.
Overlook at Huntcrest sits in Gwinnett County, which currently boasts Georgia’s second largest county population with expectations to become the largest by 2040, according to the release.
Blaze made investments to modernize the floor plans, which range from 675 to 1,380 square feet across one-, two- and three-bedroom units, as well as upgrade community amenities. These investments include energy-efficient stainless steel appliances, open kitchens, private balconies and patios, cybercafe with a gourmet coffee bar, strength and cardio gym, dog park, concierge service and monthly events programming.
“Both of these communities have direct access to all that Atlanta has to offer while still providing the flexibility and comfort of suburban living,” Eddy O’Brien, co-founder and managing partner of Blaze, said. “The investments we’ve made, coupled with the growing abundance of neighborhood amenities, has allowed us to drastically improve the overall resident experience at Stadium Walk and Overlook at Huntcrest. We are thrilled with the results and look forward to continuing to identify and execute on attractive investment opportunities on behalf of our investors and partners. ”
Blaze has continued to grow its rental housing portfolio throughout the Sunbelt. Most recently, the firm acquired 630 Fairview, a townhome rental community in Greenville, South Carolina, and Spoke Savannah, an extended-stay hotel as part of its hotel-to-multifamily conversion strategy. The firm remains active across the rental housing landscape with an acquisition and development pipeline under control of over $ 400 million in projects across its various strategies.
In addition, the company is currently raising a dedicated build-for-rent acquisition vehicle to augment its development activity. Blaze’s 2022 goals project more than $ 1.2 billion in total transaction volume, as the firm continues to deepen its acquisition and development presence across its conventional multifamily, build-for-rent single-family and multifamily conversion strategies.