CHARLESTON, S.C., Aug. 19, 2016 /PRNewswire/ -- Blaze Partners is pleased to announce the acquisition of The Lakes at Myrtle Park, a 360-unit institutional, Class A multifamily community located in the greater Hilton Head area. Blaze acquired the community from an affiliate of Chartwell Holdings, LLC with the transaction closing on August 5, 2016.
"We are thrilled with the acquisition of Lakes at Myrtle Park and believe it fits well within our investment strategy of buying high-quality, institutional multifamily communities in growing Southeastern markets," said Eddy O'Brien, co-founder and Managing Partner. "We continue to believe in the transformation occurring in the greater Hilton Head area driven by significant population in-migration and the resulting impact on the housing landscape."
Located in Bluffton, SC, a top retirement and vacation destination minutes outside of Hilton Head Island, the community is situated along Bluffton Parkway, a highly-trafficked thoroughfare with a recently-opened extension that provides one of only two direct access points to Hilton Head Island. The Company plans to strategically invest capital to improve the property for resident enjoyment through the upgrade of select units and community amenities. The transaction represents the Company's first acquisition since the two founding principles launched the Company in May 2016.
"The Lakes at Myrtle Park represents a phenomenal opportunity to establish our footprint in the Southeast and own the highest-quality asset in the market," explained Chris Riley, co-founder and Managing Partner. "We are thrilled that we were able to identify and consummate a transaction of this nature within three months of launching Blaze Partners, and we look forward to continuing to actively build a portfolio of Class A, institutional multifamily assets."
About Blaze Partners
Blaze Partners is a boutique multifamily investment firm focused on owning and operating institutional multifamily communities across the Southeastern United States. Headquartered in Charleston, SC, the Company offers a full suite of investment services including research, acquisitions, development, and asset management capabilities. Blaze Partners was founded by Chris Riley and Eddy O'Brien in May 2016 with the goal of establishing a premier real estate investment firm with focused specialization across the rental housing spectrum. To learn more about Blaze, visit www.blazepartners.com.
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SOURCE Blaze Partners