A Charleston, S.C., investor recently sold two Atlanta-area apartment communities for a combined $224 million, less than four years after purchasing them for roughly $133 million.
The “two-pack sale” follows Blaze Capital Partners‘ successful repositioning of the garden-style apartment communities, said the company, which did not provide financial details.
Stadium Walk, a 309-unit community in the Cumberland-Galleria submarket, was sold to IMP Stadium Walk LLC on April 25 for $116.5 million after being purchased for $70.4 million in 2018, according to Cobb County records.
Overlook at Huntcrest, a 299-unit luxury apartment community in Suwanee, was sold to IMP Sugarloaf LLC for $107.5 million after it was purchased for about $62.5 million in 2018, according to Gwinnett County records. The new owner has renamed the property Windsor Sugarloaf.
“Atlanta has continued to be a strategic investment hub for us with a focus on acquiring institutional quality communities in fantastic growth locations,” said Chris Riley, co-founder and managing partner at Blaze. “We’re pleased with the investments we’ve put into these properties and look forward to exploring additional opportunities across the greater Atlanta area.”
Stadium Walk is directly north of The Battery Atlanta, a mixed-use development built around the Atlanta Braves stadium. The community features class A interior finishes and community amenities, like a state-of-the-art fitness center, yoga and spin studio, resort-style pool and sunning deck.
Overlook at Huntcrest is in fast-growing Gwinnett County, along the I-85 corridor. Blaze said it made best-in-class investments to modernize the floor plans, which range from 675 to 1,380 square feet across one-, two- and three-bedroom units. Upgraded community amenities include a pool, cybercafe with a gourmet coffee bar, strength and cardio gym, dog park, concierge service and monthly events programming.