Blaze and Argosy Acquire Hotel Property in Metro Atlanta, Plan Multi-Family Conversion
CORNERS PEACHTREE, GA. – Charleston-based Blaze Capital Partners and Philadelphia-based joint venture partner Argosy Real Estate Partners have acquired The Spoke at Peachtree Corners, an extended-stay hotel in Peachtree Corners, approximately 21.9 miles north of downtown city of Atlanta. The two companies plan to convert the hotel property into a technology-driven, multi-family community, as well as invest in interior and exterior capital improvements. The sale price and the seller were not disclosed.
Originally built as a hotel in 1989, The Spoke at Peachtree Corners has recently undergone renovations including a renovated clubhouse, gym, sports court and of a pool area. The interiors of the units have also been upgraded and currently feature hard surface countertops, stainless steel appliances and updated light fixtures.
Located at 450 Technology Parkway NW, the building is located in northeast Atlanta adjacent to the Atlanta TechPark, an office park housing more than 100 tenants.
Blaze Capital and Argosy will complete interior renovations to the property, including the smart home and tech-enabled home workspace. The two companies will also carry out exterior renovations, including the renovation of the clubhouse and rental office, the installation of improved and renamed signage, the conversion of the existing basketball court into outdoor amenity space, the expansion of the existing common laundry room and painting of the exteriors.
Once the property is redeveloped, The Spoke at Peachtree Corners will feature community amenities including community-wide Wi-Fi, a tech-focused clubhouse with coworking spaces and fitness offerings , an upgraded pool and deck and outdoor social areas. The property will also include 92 rental units.