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Blaze Capital Partners this week announced the acquisition of The Spoke at Peachtree Corners, an extended-stay hotel in the growing Atlanta submarket of Peachtree Corners, specifically located in Atlanta TechPark.
The asset was acquired through a partnership with Argosy Real Estate Partners, with plans to convert the hotel into a tech-oriented multifamily community and invest in interior and exterior capital improvements. The acquisition comes as part of Blaze’s focus on hotel-to-multifamily conversions, marking the company’s third closing this year.
“We’re thrilled to undertake another hotel-to-multifamily conversion in partnership with Argosy, this time in the vibrant and rapidly growing community of Peachtree Corners,” said Blaze Co-Founder and Managing Partner Eddy O’Brien in a press release. “The Spoke at Peachtree Corners represents a strong investment opportunity. As population increases in the immediate area in response to tremendous employment momentum, housing supply has failed to keep up with demand. We look forward to deliver a modern, amenitized community, complete with luxury finishes and smart technology features.”
Originally built as a hotel in 1989, The Spoke at Peachtree Corners is designed to mimic a garden-style apartment community. The property has undergone recent material upgrades, including a remodeled clubhouse, gym, sport court, and pool area. The unit interiors have also been modernized and feature hard surface countertops, stainless steel appliances, and updated lighting fixtures.
Blaze and Argosy will focus repositioning efforts on interior upgrades, like smart-home and technology-based work-from-home amenity space, as well as common area improvements, including remodeling the clubhouse and leasing office, establishing upgraded and rebranded signage, converting the existing basketball court to outdoor amenity space, expanding the existing common laundry facility and painting the exteriors.
Located at 450 Technology Parkway NW, The Spoke at Peachtree Corners sits just northeast of Atlanta between Norcross and Peachtree Corners. Given the location beside Atlanta TechPark, the partnership plans to transform the hotel into a walkable and highly amenitized community, creating a flexible housing option for surrounding employees.
“Residents will have access to a full suite of amenities, including community-wide WiFi, a tech-centric clubhouse with coworking spaces and fitness offerings, upgraded pool and sun deck, and outdoor social spaces,” said Chris Riley, co-founder and managing partner at Blaze. “Located at the front door of Atlanta Tech Park, The Spoke at Peachtree Corners offers unparalleled walkability in this submarket and convenient access to a major employment hub, in addition to everything Northeast Atlanta has to offer.”