Blaze Capital Partners announced Monday it has acquired 251 North, a garden-style multifamily community in Old Fourth Ward bordering Midtown. The Charleston-based developer plans to invest in upgrades for the property, according to a press release.
“Atlanta is thriving amidst employer investments and population growth, with 16 Fortune 500 companies calling the city home,” Chris Riley, co-founder and managing partner of Blaze, said in the release. “Blaze is incredibly bullish on acquiring properties in high-growth markets across the Southeast. We are excited to continue expanding our presence in Atlanta.”
251 North is a three-story multifamily community with 192 units spread across nine buildings. Built in 1989, the community sits on six acres of land and consists of one- and two-bedroom apartments. 251 North’s 73 floorplans feature granite countertops, stainless steel appliances and vinyl plank flooring. Blaze plans to upgrade the units to the “premium model,” according to the release.
Community amenities include a pool with a sundeck, fitness center, pet washing station and a fire pit on the shared patio space. Blaze’s value-add strategy at 251 North includes repainting the building exteriors and making enhancements to existing community amenities.
“Midtown Atlanta is a flourishing submarket with a dynamic entertainment atmosphere, an established employer presence and strong renter demand,” Eddy O’Brien, co-founder and managing partner at Blaze, said. “As more companies and people continue to migrate to this booming city, that demand will only grow. 251 North will provide residents with spacious apartments, and luxury amenities, right in the middle of everything Atlanta has to offer.”
Blaze has continued to grow its rental housing portfolio significantly throughout the Sunbelt. Most recently, Blaze purchased Annabelle on Main, a 180-unit 55+ multifamily community in the northwest Atlanta submarket of Duluth. Blaze’s 2022 goals project more than $1.2 billion in total transaction volume, as the firm continues to be bullish on its active adult, conventional multifamily, build-for-rent single-family and multifamily conversion strategies and to expand its development and acquisition portfolios.