JV Pays $19M for North Carolina Asset
- Aug 16, 2019
A joint venture of Blackfin Real Estate Investors and GMF Capital LLC purchased a North Carolina multifamily community for $18.7 million. The seller, a private LLC, was represented by Furman Capital Advisors.
Located at 4515 Lawndale Drive in Greensboro, N.C., the 264-unit Class B Hamptons at Country Park is home to one-, two- and three-bedroom apartments with some being equipped with a private patio or balcony, a wood-burning fireplace and washer and dryer unit. The 203,000-square-foot property offers a swimming pool, fitness center, two lighted tennis courts, a picnic area with grilling stations and laundry facility.
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Doug Root, co-founder & managing partner at Blackfin, said the joint venture is building on their portfolio of Class B workforce apartments specifically in markets with demand for quality, affordable housing.
“The supply demand fundamentals of the Greensboro market remain extremely strong with limited new supply and steady job growth throughout the MSA,” Root told Multi-Housing News. “Given Blackfin’s recent success at The Avenue, a 502-unit asset in Western Greensboro acquired in January 2018, we continue to believe in the long term growth prospects of the greater Greensboro market.”
CLASS B BUYING SPREE
The Hamptons at Country Park is the joint venture’s third purchase in the last six months. Their latest buy comes on the heels of another $49.5 million acquisition of a seven-property 300-unit Class A portfolio with 12,000 square feet of ground-floor retail in Richmond, Va.’s Shockoe Bottom district. Prior to that, the joint venture bought Baker Crossing, a 75-building 600-unit Class B community in Virginia Beach, Va.
Blackfin has also been adding to its own portfolio, albeit with other business partners, with its third purchase in two weeks. The Hamptons at Country Park represents the investment company’s second Greensboro property, following the $28.1 million acquisition of a 502-unit Class B community called The Avenue Apartments in January 2018.
Outside North Carolina, Blackfin also spent $21 million alongside another joint venture partner, Acre Valley Real Estate Capital, on the 140-unit Class B community of Earle Manor Apartments in Wheaton, Md.
According to Root, Blackfin has several acquisitions lined up for the remainder of the year and expects to hit 5,000 units by the end of 2019. Currently, the joint venture’s portfolio of ownership and management totals $120 million and 1,164 units.