Alpha Capital Partners, a Pittsburgh-based real estate investment firm with opportunity zone investment projects, has acquired Hamilton Creek Apartments, a 45-acre townhome-style multifamily property next to the Rickenbacker International Airport. Alpha plans to rebrand Hamilton Creek and spend $9 million in upgrades on the Columbus property.
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 first phase of redevelopment 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.
While the property is in an opportunity zone area, its location was attractive for Alpha — approximately 14 miles from downtown Columbus and four miles from the outer loop of I-270. Alpha CEO Jide 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, to ensure a smooth operational transition and provide better customer experience to residents.