A newly formed partnership between affiliates of Blaze Partners and Argosy Real Estate Partners has acquired a nationally branded extended stay hotel in Charlotte with plans to convert it to a market-rate apartment community.
Blaze and Argosy acquired the property free and clear of all hotel operations. The partnership plans to reposition the community over the coming months. Those updates will include a full rebranding and comprehensive capital plan focused on community enhancements and targeted unit upgrades..
The partnership intends to construct additional units as part of the vacant land acquired in the transaction.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
