Blaze Capital Partners Closes Purchase of 55+ Multifamily Community in Atlanta Suburb
Tuesday, October 25th, 2022
Blaze Capital Partners announced today the acquisition of Hardy Springs, a 149-unit, 55+ multifamily community in the Paulding county submarket of Atlanta. The property marks the firm’s first acquisition of an active adult community with several additional communities behind it. Blaze now owns six properties in Georgia, with a total unit count of more than 860.
“The market for active adult rental housing has grown significantly over the past decade, as the baby boomer generation continues to age,” said Eddy O’Brien, co-founder and managing partner of Blaze. “As one of the largest demographics in the U.S., the 55+ crowd is hitting key life events, such as retirement and becoming empty nesters who have a desire to downsize their living space. Blaze’s bullish active adult strategy seeks to meet the needs of these residents and deliver a move-in ready, maintenance-free lifestyle in Class A communities.”
Hardy Springs is a cottage-style 55+ community with 149 units spread across 53 buildings and is located in the northwest suburbs of Atlanta. Completed in May 2022, the community is built on 31 acres of land and consists of spacious one- and two-bedroom apartments. Each unit features vinyl plank wood flooring, granite countertops, stainless steel appliances, walk-in closets and front and rear porches, while select units also include a walk-in pantry. Community amenities include a personal training studio, pickle ball and bocce‐ball courts, a fishing pond with a dock, fitness center, outdoor barbeque area, clubroom, walking trail with benches and a dog park. The property provides 97 single car garages, 52 double car garages, and 29 surface parking spaces.
Conveniently located in a fast growing suburb in Paulding County down the road from multiple 55+ for-sale communities, Hardy Springs offers residents premier, single-story living.. The community is located alongside SH‐360/SH‐120 which directly connect to US‐278/SH‐6, with other major thoroughfares, H‐92 and SH‐61, surrounding the property. The property is located 5 minutes from multiple walking parks and over 4.5 million sf of retail, including Kroger, Food Depot, Ingles Market, CVS Pharmacy, Walgreens Pharmacy, Synovus Bank, Regions Bank, Sunoco Gas Station, and Chevron.
“We root our investment strategies in long-term demographic and fundamental trends, looking ahead to see what’s next on the multifamily horizon,” said Chris Riley, co-founder and managing partner at Blaze. “Active adult communities are perfectly positioned to capture a growing cohort of active retirees looking for maintenance-free, community-centric lifestyles. The community will fill a growing need in the 55+ multifamily market and in the Paulding County submarket, and we are excited to begin ramping up our exposure in the sector.”
Blaze has continued to grow its rental housing portfolio significantly throughout the Sunbelt. Most recently, Blaze purchased Charleston Row Townhomes, a 107-unit, Class-A rental townhome community in the Pineville, North Carolina submarket, less than 25 minutes from Downtown Charlotte. Blaze’s 2022 goals project more than $1.2 billion in total transaction volume, as the firm continues to acquire and develop active adult, conventional multifamily, build-for-rent single-family and multifamily conversion properties.
