Blaze Capital Partners recently announced the acquisition of Annabelle on Main, a 180-unit, 55-plus multifamily community in Duluth. This acquisition comes on the heels of the company’s purchase of Hardy Springs last month, a 55-plus community in Paulding County, according to a press release.
Blaze now owns eight Georgia properties across the rental housing spectrum, including multifamily, build-for-rent, and active adult communities. Annabelle on Main is Blaze’s second active adult community and third Atlanta investment in the last 30 days.
“Atlanta continues to be a target market for us with great long-term drivers in place especially for the 55+ cohort,” Chris Riley, co-founder and managing partner of Blaze, said in the release. “Duluth is an ideal city for those looking to retire but not slow down, and Annabelle on Main provides a top-notch community with strong potential for offering residents a truly unique lifestyle without the burdens of homeownership.”
Completed in August 2021, Annabelle on Main is built on a 4.6-acre site and consists of one- and two-bedroom apartments ranging in size from 724 to 1,260 square feet. Each unit features walk-in closets, vinyl plank flooring, granite countertops, in-unit washers and dryers, garden soaking tubs and stand-up showers.
Community amenities include a pool, fitness center and yoga studio, movie theatre, arts and crafts studio, dog park and a massage and meditation zen room, and offers residents “extensive programming to help them lead an active and maintenance-free lifestyle.”
“As the baby boomer generation reaches retirement age and wishes to downsize, the demand for active, lifestyle-focused communities like Annabelle on Main continues to grow,” Eddy O’Brien, co-founder and managing partner at Blaze, said. “With a strategy rooted in long-term demographic and fundamental trends, Blaze remains bullish on the 55+ rental sector across a variety of community formats. We look forward to delivering an exciting, maintenance-free lifestyle to residents of Annabelle on Main and expanding our portfolio with similar assets throughout key southeastern markets.”
Blaze has continued to grow its rental housing portfolio significantly throughout the Sunbelt. By year’s end, Blaze is on track to reach approximately $900 million in total transaction volume, marked by heavy disposition activity in the first half of the year followed by opportunistic investments in the second half of 2022 across active adult, conventional multifamily, build-for-rent single-family and multifamily conversion properties.