Blackfin Real Estate Investors, Clarion Partners Buy Manassas Property for $113 Million
Value add acquisition is first for partnership; seventh purchase for Blackfin in 2021.
Arlington, VA (May 10, 2021) — Blackfin Real Estate Investors and Clarion Partners, LLC closed April 29th on a $113 million apartment community in Manassas, VA, a rapidly expanding, employment-driven submarket of Washington, D.C. This transaction represents the first value add acquisition for the newly formed partnership between Blackfin and Clarion and is the seventh purchase for Blackfin in 2021.
Ravens Crest, located at 8098 Ravens Crest Court, was built in 1989 and includes 444 garden-style apartments among 22, three-story buildings on approximately 28 acres. With a historical occupancy rate of 95%, Ravens Crest offers one-and two-bedroom apartments featuring walk-in closets, spacious balconies and full-sized washers and dryers. A recent renovation to approximately 74% of the apartment homes included granite countertops, new cabinetry, stainless appliances and vinyl plank flooring. Resident amenities include ample parking, meticulous landscaping, recreational areas, picnic areas with grills and a newly renovated clubhouse offering a resort-style pool with sundeck and an outdoor kitchen. The clubhouse also has a brand new, state-of-the-art fitness center and business center.
“Ravens Crest provides an opportunity to own a stable asset with terrific upside potential through our focused asset management and renovation programs,” said Doug Root, co-founder and managing partner of Blackfin Real Estate Investors. “Northern Virginia is a solid market, with significant employment drivers, and where demand for rental multifamily is consistent.”
The community enjoys outstanding access to major employment centers and has excellent accessibility to the Greater Washington D.C. Metro area by way of I-66, I-95, Metro and VRE. Ravens Crest is close to George Mason University’s Science and Technology Campus and the Innovation Technology Park and boasts major employers such as BAE Systems, Lockheed Martin, and the Federal Bureau of Investigations.
Since January 2021, Blackfin has purchased seven properties comprising 1,750 units in Central and Northern Virginia. The company also anticipates closing on an additional 1,100 units by the end of June 2021 representing an investment of approximately $400MM.
Since its founding in 2016, Blackfin has aggressively assembled an impressive portfolio that will exceed 7,000 units in June in markets from Boston to the Carolinas. Blackfin is actively looking to expand its team and hopes to grow its portfolio into Texas, Florida, Georgia, and Tennessee in the second half of 2021 and into 2022.
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. www.blackfinrei.com