Alpha Capital Acquires Multifamily QOZ Property in Columbus

COLUMBUS, OH—Alpha Capital Partners of Pittsburgh has acquired the Hamilton Cree Apartments, a 376-unit townhome multifamily development located in a federal Qualified Opportunity Zone and has plan to undertake a major capital improvement program at the property.

The real estate investment and development firm plans to rebrand Hamilton Creek and spend $9 million in upgrades on the 45-acre 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 scheduled 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,” says Alpha Capital Partners CEO Jide Famuagun.

No financial terms of Alpha’s acquisition of the Hamilton Creek development were released.

Built in 1960, the rental community caters to mid-sized families and has a unit mix of two-bedroom and three-bedroom townhomes. The property is located next to the Rickenbacker International Airport at the intersection of Alum Creek Drive and London Groveport Road in the southeastern section of Columbus

Housed in an Opportunity Zone area, its location was an attraction for Alpha Capital Partners. The property is approximately 14 miles from Downtown Columbus and four miles from the outer loop of I-270. Famuagun adds, “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.

Back in May, Alpha Capital Partners, acquired University Place, a 342-bed student housing community in Lafayette, LA. University Place was Alpha’s 10th student housing community. This acquisition was the second of five identified projects in Alpha’s Opportunity Zone Fund. The fund is a targeted $250-million fund launched in October 2018 to take part in the opportunity zone program implemented by the Tax Cuts and Jobs Act of 2017.

In April, Alpha Capital made its first OZ fund deal with the acquisition of a multifamily development site in Nashville.