Blackfin, GMF Continue to Build Out Their Workforce Housing Portfolio
The companies have made their third acquisition in the Eastern Seaboard in six months.
ARLINGTON, VA—Locally-based Blackfin Real Estate Investors and GMF Capital LLC closed on their joint venture’s third acquisition in less than six months with The Hamptons at Country Park in North Carolina’s Piedmont Triad submarket in Greensboro. The two companies are partnering on building a portfolio of Class B workforce apartments in markets with strong demand for affordable housing.
The property consists of 264 units and is located at 4515 Lawndale Dr., adjacent to Country Park and at the entrance to the new Urban Loop.
Just last week, the joint venture announced the acquisition of a seven-property portfolio in Richmond, Va., in the city’s Shockoe Bottom District. Together, the portfolio spans 300 multi-family units and 12,144 square feet of ground floor retail in a historic, riverfront commercial district that once was a series of tobacco factories and warehouses.
In another deal Blackfin and GMF closed last March on the 75-building, 600-unit Baker Crossing community in Virginia Beach, Va. These three acquisitions bring the joint venture’s total multifamily units under ownership and management to 1,164.
The acquisition of The Hamptons is the second Greensboro property for Blackfin. It purchased the 502-unit, Class B garden-style community, The Avenue Apartments (formerly Westborough Apartments), last year for $28 million.