Sachs Companies and Blackfin Real Estate Investors Purchase Loren Falls Church for $70 Million
Sachs Companies, a New York City based real estate investment company closed with Blackfin Real Estate Investors on the purchase of Loren Falls Church, a class-A, mixed-use property located at 6410 Arlington Boulevard, just off I-66 and Rte. 50, in Falls Church, Virginia, and just an 18-minute drive to National Landing, the future home to Amazon HQ2.
Loren Falls Church is a mid-rise asset offering 185 apartment homes with upscale features and unrivaled amenities that focus on the resident experience. The property also includes 13,577 square feet of retail with in-demand merchants such as Orange Theory and Casual Pint that service apartment residents and the highly-affluent Hillwood neighborhood, which is directly adjacent to the property. Built in 2017, the asset is currently stabilized and is 97% occupied.
“This acquisition represents an exciting opportunity to own a core, class-A asset in a supply-constrained market with excellent proximity to strong employment centers,” said Curtis Sachs, principal at Sachs Companies. “Loren Falls Church offers significant rent growth potential while still maintaining a value alternative to Tysons and the Rosslyn-Ballston Corridor.”
Amazon’s announcement for HQ2 in the nearby Crystal City is reported to be a watershed event that will positively impact economic development in the Washington DC region, especially Northern Virginia. This event also brings the opportunity for secondary impacts by creating jobs in industries that support Amazon, known as the “multiplier effect.”
“We believe Amazon’s decision to establish Northern Virginia as it’s East Coast headquarters location will drive significant future rent growth in nearby markets such as Falls Church and beyond,” said Blackfin Co-Founder and managing partner Doug Root. “We are thrilled to have an asset uniquely positioned to reap those benefits.”
Andrew Buchanan and Doug Root founded Blackfin in August 2016. Since then, the team has assembled a portfolio of nearly 4,000 units in markets from Boston to the Carolinas. Blackfin has a solid pipeline of acquisitions lined up for the remainder of 2019, which will add a significant number of additional units to the portfolio by the end of 2019.
About Sachs Companies
Sachs Companies is a third-generation real estate holding and asset management company based in New York City, which controls a closely held portfolio in excess of 60 properties across the United States comprising over $1 Billion in value. The company focuses on multifamily properties; however, it also owns interests in office, retail, industrial and hospitality assets. As a long-term holder of real estate, the company specializes in creating generational wealth for its stakeholders and investors.
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 th
