Blackfin Acquires Augusta Property

Blackfin Real Estate Investors LLC has acquired Sage Creek Apartments, a garden-style multifamily community in Augusta, Ga. The seller was an investor group led by JJM Realty Holdings LLC. Berkadia DC Metro secured a $11.4 million Fannie Mae acquisition loan on behalf of Blackfin.

“The transaction occurred during a period with a lot of volatility in the debt markets,” Mike Riley, senior director, investment sales with Berkadia, told Multi-Housing News. “Having Berkadia’s DC Metro debt team represent Blackfin allowed us to move through the uncertainty as a cohesive team.”

Located at 1315 Marks Church Road in Augusta, Sage Creek Apartments is a 120-unit, three-story community on about 6.7 acres that was constructed in 2016. It was 93.3 percent occupied at time of sale. Sage Creek Apartments offers one and two-bedroom units.

Features and finishes of the apartments include large separate dining rooms, upgraded light fixtures, granite countertops, stainless steel appliances, washer-dryer hookups, high-speed Internet access, wood-style laminate kitchen floor, ceramic tile backsplash. divided sinks, his-and-hers guest closets and ceiling fans.

Residences extend from 812 to 1,076 square feet in size.

The property’s amenities include a swimming pool, fitness center. clubhouse, package service, bark park, bike storage, disability access, green and flowered areas and gated controlled access. The property manager is on site along with maintenance.

Popular enclave

Sage Creek Apartments is located in the Lake Aumond submarket of Augusta. The community is known for its parks, playgrounds and well-rated schools that educate a wide variety of residents. Lake Aumond is close to the junction of Interstates 20 and 520, which enables quick and easy commutes to other areas of Augusta.

Four colleges and universities are located within an 11-minute drive of Sage Creek Apartments. As for shopping Richmond Plaza, Augusta Square and Augusta Mall are all situated within a 14-minute or two-thirds-of-a mile walk. Residents can drive to an array of parks and recreation centers, including Lake Olmstead Park, Minnick Park and Augusta Canal National Heritage Area, with an 8- to 12-minute drive. In June, Berkadia secured $61 million in debt and equity for a development in Pooler, Ga