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PITTSBURGH, Pa., Sept. 06, 2019 (GLOBE NEWSWIRE) -- Alpha Capital Partners (“Alpha”), a Pittsburgh based real estate investment firm and leader in opportunity zone investment projects has just acquired Hamilton Creek Apartments (14 Oak Road), a 45-acre townhome-style multifamily property in Columbus, Ohio.
Alpha wants to bring a new vibe to this established community. Built in 1960, the 376-unit rental community caters to mid-sized families and has a unit mix of two-bedroom and three-bedroom townhomes. The property is conveniently located next to the Rickenbacker International Airport at the intersection of Alum Creek Drive and London Groveport Road Southeastern part of Columbus, Ohio.
Alpha plans to rebrand Hamilton Creek and spend $9 million in upgrades on the Columbus property. The first phase of redevelopment for Hamilton Creek will commence in the fall and includes exterior renovations and interior updates. The redevelopment project will be managed by Alpha’s in-house construction services team and is slated to be completed by 2021. “We are excited about what Alpha is going to do and how we plan to add value for Hamilton Creek’s current and future residents. Our redevelopment efforts will give this former military housing the necessary boost it needs to beautify the neighborhood and attract new residents,” said CEO, Jide Famuagun.
While this property is in an opportunity zone area, its location was equally an attraction for Alpha Capital Partners. The property is approximately 14 miles from downtown Columbus and is four miles from the outer loop of I-270. Famuagun stated, “What also drew our attention to this property was the massive industrial distribution centers and the boom in employment these facilities brought.”
Hamilton Creek is Alpha’s second multi-family development in the Columbus market and its second project in its $250 million qualified opportunity zone fund. The property will be managed and leased by Alpha’s in-house property management team, Alpha Residential Management. This will allow Alpha Capital Partners to oversee all aspects of managing Hamilton Creek to ensure a smooth operational transition as well as providing a better customer experience to all residents.
About Alpha Capital Partners
Alpha Capital Partners is a Pittsburgh-based real estate investment and development firm that acquires, develops, and manages student-housing and multi-family communities in secondary and tertiary markets. The company is the leader in the middle-market space and has delivered higher-than-expected margins and risk-adjusted returns. Alpha Capital Partners is continuously growing its portfolio and currently owns 30+ properties in growth markets across the United States. For additional information, visit www.alphacapitalpartners.com
Contact for Alpha Capital Partners
Investor Relations: Modele Segun
Media: Lola Soyebo Harris