Blaze Capital Partners acquired Annabelle on Main, a 180-unit, 55-plus multifamily community in Duluth.
The acquisition follows the Charleston, S.C.-firm’s recent purchase of the Hardy Springs 55-plus community in Paulding County. Blaze now owns eight Georgia rental properties, including multifamily, build for rent and active adult.
“Atlanta continues to be a target market for us with great long-term drivers in place, especially for the 55-plus cohort,” Blaze co-founder and managing partner Chris Riley said in a press 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 at 2375 Main St. NW and comprises a mix of one- and two-bedroom apartments ranging in size from 724 to 1,260 square feet. The property is integrated into a mixed-use center anchored by a Lidl and Sprouts.
Each unit includes walk-in closets, vinyl-plank flooring, granite countertops, in-unit washers and dryers, garden soaking tubs and stand-up showers. Community amenities include a resort-style swimming pool, fitness center and yoga studio, movie theater, arts and crafts studio, dog park and massage and meditation Zen room.
“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,” Blaze co-founder and managing partner Eddy O’Brien said. “With a strategy rooted in long-term demographic and fundamental trends, Blaze remains bullish on the 55-plus 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.”
By year’s end, Blaze expects to have completed about $900 million worth of transactions, including heavy disposition activity in the first half of the year and opportunistic acquisitions in the second half.