Arlington, VA (January 4, 2017) – Blackfin Real Estate Investors of Arlington, VA has closed its fifth investment in less than 7 months with the acquisition of Westborough Apartments. Blackfin acquired the asset in a joint venture with Capital Solutions out of Blue Bell, PA. This is Blackfin’s second acquisition with Capital Solutions. The partnership acquired Calvert at Quarterfield Station in Glen Burnie earlier in 2017. This investment adds to Blackfin’s growing portfolio of residential properties that provide upside potential through creative repositioning and management.
Westborough is a 502 unit Class B garden style property that was built in 1972. Westborough occupies an ideal location in the Northwest submarket of Greensboro, with walkability to an abundance of grocery, retail, and dining along Friendly Avenue, one of Greensboro’s primary thoroughfares. Residents also value the Property’s proximity to I‐40, I‐73, and Bryan Boulevard providing convenient access to the Piedmont Triad International Airport.
“We are very excited to be expanding our NC portfolio further with the acquisition of Westborough” said Doug Root, Co-Founder and Managing Partner of Blackfin. “This is a great asset and it has been very well maintained. The previous owner did a great job modernizing the look and feel of the property by adding standing seam roofs and modernizing the façade. We plan on taking it to the next level by adding a top notch amenity package.”
Andrew Buchanan, a Co-Founder with Root and Managing Partner, said, “This is our third acquisition in North Carolina in just a few months. We are excited to expand our portfolio to Greensboro and to improve our economies of scale in the region. The Triad continues to see steady job growth we really like the overall risk/return profile of this market relative to what we are seeing in other east coast markets. Westborough is well positioned to benefit from the growth of the submarket through Blackfin’s implementation of new amenities and unit upgrades.”
Westborough is Blackfin’s fifth acquisition in the last 7 months and complements the company’s earlier acquisition of Calvert at Quarterfield Station, a 203–unit, garden style apartment community in Glen Burnie, MD; Pressley Ridge Apartments, a 504 unit apartment property in Charlotte, NC; The Bixby, a 128 unit apartment property in in Haverhill, MA; and Berkshire Manor East and Berkshire Manor West, a 296 unit property in Carrboro, NC.
Buchanan and Root founded Blackfin in August 2016. It is capitalized to build a $500 million to $750 million portfolio over the next three to five years.
Triad Commercial Properties’ Richard Montana and Marcus and Millichap’s Jim Davis co-brokered the transaction for the Seller.
About Blackfin Real Estate Investors
Blackfin Real Estate Investors is focused on acquiring and repositioning multifamily properties from the Carolinas to Boston. Its experience within real estate spans the spectrum of real estate investment management, capital renovations, property operations, finance and accounting. Founders Andy Buchanan and Doug Root have more than 30 years of combined experience working for institutional
quality apartment acquisition, development, and management companies. Both are experienced real estate and investment management professionals. They have worked with some of the most respected names in real estate, development and investment management throughout the country and they plan to continue working with this network as they grow their portfolio. Visit www.blackfinrei.com for more information.