Blaze Partners has acquired The Gibson, a 250-unit luxury apartment community in the eclectic and diverse Plaza Midwood neighborhood, approximately a mile northeast of Uptown Charlotte, N.C. The purchase reflects Blaze Partners’ ongoing strategy of acquiring Class A apartment properties in dynamic areas of Southeastern U.S. institutional growth markets.
“While 2018 remained a competitive transaction environment, there was quite a bit of capital markets volatility during the fourth quarter that left many buyers on the sidelines well into the early part of 2019, [taking] a ‘wait and see approach,” Eddy O’Brien, Blaze Partners’ managing partner and co-founder, told Multi-Housing News.
“That said, we have tended to have quite a bit of success working diligently while others aren’t, aided by strong capital relationships and the ability to take a longer-term outlook. Fortunately, we remained active during this slower period and were able to acquire a fantastic, well-designed community in a seamless transaction process with the seller,” O’Brien added.
The Gibson was built in 2015 on the site of a historic recording studio and carries on the tradition of that legendary cultural icon. Featuring a blend of one-, two- and three-bedroom floor plans, The Gibson delivers designer finishes as well as an extensive list of common-area amenities.
The transaction brings Blaze Partners’ net acquisition volume in the last nine months to more than $215 million, O’Brien said.
“The vast majority of [this] has been with a slant toward core-plus assets in markets and locations that we deem to have superior long-term fundamentals with transformative catalysts to further drive demand,” he added. “We anticipate a continuation of this investment focus throughout the year, as we look to prudently expand our footprint throughout the Southeast with a keen eye towards relative risk and return.”
At the threshold
Offering views of the Charlotte skyline, The Gibson is steps from upscale dining, shopping and nightlife. The property is situated at the gateway to Plaza Midwood on Central Avenue, with the Uptown neighborhood only minutes away.
“We are thrilled to expand our Charlotte presence and add The Gibson to our growing portfolio of institutional assets,” said Chris Riley, Blaze Partners’ co-founder and managing partner. “The Gibson, unique in its design, walkability and historic legacy, helped spur the transformation of the neighborhood. We are excited to take a stake in the continued growth of the submarket, and embrace a community that stands unmatched amongst its peer set.”
Earlier this month, LMC broke ground on The Ellis, a 549-unit luxury community located in nearby Uptown Charlotte.
Image courtesy of Blaze Partners