Blackfin, GMF Acquire 600-Unit Community in Virginia Beach, VA
The value-add acquisition of Baker Crossing marks the companies’ first partnership. The property last changed hands in 2005 for $31.5 million.
A first-time partnership of Blackfin Real Estate and GMF Capital has acquired Baker Crossing, a 600-unit community in Virginia Beach, Va. According to Yardi Matrix, the property last traded in 2005, when Municipal Capital Appreciation Partners bought it for $31.5 million. In 2012, the asset became subject to a $43.2 million CMBS loan, funded by Fannie Mae and originated by Newmark Knight Frank.
Located at 631 Lake Edward Drive, Baker Crossing was constructed in 1970. The property’s 75 buildings feature a mix of 180 one-bedroom, 372 two-bedroom and 48 three-bedroom units, ranging in size from 1,035 to 1,330 square feet. Common-area amenities include:
- swimming pool
- 650 parking spaces
The community is situated about 2 miles from downtown and a plethora of bars, restaurants and other entertainment destinations. Downtown Norfolk, Va., is just under 10 miles from Baker Crossing. Nearby major thoroughfares include interstates 264 and 64.
“The acquisition of Baker Crossing by Blackfin and GMF offers us the opportunity to enter the vibrant Virginia Beach market and create a welcoming community for our residents by addressing deferred maintenance issues and enhancing amenity and unit finishes,” said Leslie Furst, chief operating officer at Blackfin, in a prepared statement.
Blackfin expanded its multifamily portfolio last year through another value-add deal—the $28 million acquisition of Westborough Apartments in Greensboro, N.C., for which the company teamed up with Capital Solutions.
Photo courtesy of Blackfin Real Estate Investors