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Blaze Partners Acquires Extended Stay Hotel for Multifamily Conversion
March 1, 2021 GMT
(PRNewsfoto/Blaze Partners)
CHARLESTON, S.C., March 1, 2021 /PRNewswire/ -- Blaze Partners, LLC (“Blaze”) is pleased to announce the acquisition of a nationally-branded extended stay hotel in the rapidly expanding University City submarket of Charlotte, North Carolina. The asset was acquired in an off-market transaction by a newly formed partnership between affiliates of Blaze and Argosy Real Estate Partners for the purposes of converting to a market-rate multifamily community.
The property is located at 8340 North Tryon Street directly across the street from the McCullough Station of the LYNX Blue Line. The garden-style community was originally built in 1999 and is comprised of three existing buildings that include a mix of studio-, one-, and two-bedroom floorplans. In addition, the community includes a separate clubhouse with various onsite amenities including a fitness center, media room, and outdoor pool. Blaze intends to construct additional units as part of the vacant land acquired in the transaction.