A South Carolina-based investment firm has purchased The Gibson, a 250-unit luxury apartment community in Charlotte’s Plaza Midwood neighborhood, for an undisclosed sum.

Blaze purchased the class A complex, which was built by Atlanta-based multifamily developer Pollack Shores Real Estate Group on a former recording studio site in 2015 and named for the musical instrument manufacturer prominent for its guitars.

“The Gibson, unique in its design, walkability, and historic legacy,” said Blaze co-founder and managing partner Chris Riley, “helped spur the transformation of the neighborhood. We are excited to take a stake in the continued growth of the submarket and embrace a community that stands unmatched amongst its peer set.”

Offered at the property are one-, two- and three-bedroom floor plans with premium finishes such as white tiger granite or platinum quartz countertops and amenities including a cabana-style pool, a courtyard with fire pit and grilling stations and a clubhouse with a kitchen.

“The Gibson transaction marks over $215 million in net acquisition volume in the last nine months,” said Eddy O’Brien, co-founder and managing partner at Blaze, “the vast majority of which has been with a slant towards core-plus assets in markets and locations that we deem to have superior long-term fundamentals with transformative catalysts to further drive demand.”

This marks the firm’s latest acquisition in North Carolina since purchasing Galleria Village Apartments, located in Charlotte’s Matthews submarket, in June of last year with a partner True North Management Group LLC.

Mecklenburg County Assessor’s Office valued the land at $5 million in 2019, and the total property value at $37.6 million.

“We anticipate a continuation of this investment focus throughout the year,” said O’Brien, “as we look to prudently expand our footprint throughout the Southeast with a keen eye towards relative risk and return.”