Black Salmon Closes $250M Value-Add Fund

Arboretum Oaks

Black Salmon has closed a $250 million multifamily fund. Over the next two years, the vehicle is set to focus on value-add properties throughout Sun Belt markets that exhibit steady job and demographic growth. According to the company’s investment strategy, the fund will acquire assets located in business-friendly states with strong in-migration.

Arboretum Oaks, a 252-unit garden-style community in Austin, Texas, is the fund’s first investment and was made in partnership with Embrey LLC. Embrey recently closed on its own $160 million Embrey Horizontal Living Fund I, planning to build BTR communities in the Sun Belt region, as well.

Completed in 1983, Arboretum Oaks spans across 10.8 acres and comprises 24 buildings with one- and two-bedroom floorplans, averaging 825 square feet, according to Yardi Matrix data. Common-area amenities include a fitness center, business center, swimming pool and clubhouse.

Located at 9617 Great Hills Trail, the community is within half a mile of The Arboretum shopping center and numerous retail options, including Target, Trader Joe’s, H-E-B and Whole Foods Market. N. Mopac Expressway, connecting the community to Austin city center, is 3 miles away.

Black Salmon’s investment portfolio is diverse, spanning from offices, hotels and industrial assets to senior housing properties. The company is also actively developing residential assets across key markets of interest. In Miami, Black Salmon is building the 244-unit Wynwood House multifamily project in collaboration with Lineaire Group, but has other projects in the works in Edgewater, the Design District and Miami’s Financial District.