Alpha Capital Partners, a Pittsburgh–based real estate investment firm and leader in opportunity zone investment projects, has just acquired Hamilton Creek Apartments, a 45-acre townhome-style multifamily property located at 14 Oak Road in Columbus, Ohio.
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 in the southeastern part of Columbus.
Alpha plans to rebrand Hamilton Creek and spend $9 million in upgrades on the property. The first phase of redevelopment for Hamilton Creek will commence in the fall and include 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 Jide Famuagun, Alpha Capital Partners CEO.
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 Interstate 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 multifamily 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.
