Blackfin Real Estate Investors and GMF Capital Close on Fredericksburg Apartment Community for $23.5 Million
Southpoint Reserve at Stoney Creek adds to growing portfolio.
Arlington, VA (March 23, 2020) – A joint venture between Blackfin Real Estate Investors and GMF Capital LLC closed today on a $23.5 million apartment community in Fredericksburg, VA, a major employment hub strategically located between Washington, DC and Richmond, Virginia.
This is the second deal that the partnership has closed together in 2020. Southpoint Reserve at Stoney Creekrepresents the fifth acquisition for the joint venture between Blackfin Real Estate Investors and GMF Capital LLC. The venture’s portfolio now includes 1,450 apartment homes and over 12,000 square feet of retail. In January, the partnership acquired The Bixby, a 128 unit high rise tower in Haverhill, MA
Southpoint Reserve at Stoney Creek sits on approximately 14 acres and includes 156 garden-style apartments among eight, two-story buildings. Originally built in 1985, the community offers one, two- and three-bedroom units ranging in size from 450 to 1,075 square feet. Many of the units have been fully renovated with new appliance packages along with kitchen, flooring and lighting upgrades. Community amenities include a clubhouse with a resort-style pool and grilling stations, a 24-hour fitness center, business lounge, playground and sand volleyball court.
Located just two miles from I-95 on Steeplechase Drive, the property boasts excellent proximity to a number of transportation options and large employers such as Mary Washington Hospital, the University of Mary Washington, Geico and two Federal Agencies – the U.S. Department of Defense and the U.S. Federal Bureau of Investigation.
“We are fortunate to enter the Fredericksburg market with an asset that is uniquely positioned to provide stable housing for a continuously growing workforce,” said Andrew Buchanan, co-founder and managing partner at Blackfin Real Estate Investors. “We believe we can continue to add value to this property through a focused asset management and continued renovation program.”
“We are fortunate to have a great partnership with GMF Capital,” said Doug Root, co-founder and managing partner of Blackfin Real Estate Investors. “We have a shared vision to acquire assets where we can apply our expertise and institutional knowledge to add incremental value to our growing portfolio.”
The property was acquired on an off market basis through Walker & Dunlop’s investment sales team of Christopher Doerr and William Harvey.
In 2019, the joint venture acquired a seven-property portfolio in Richmond’s Shockoe Bottom District, the 600-unit Baker Crossing community in Virginia Beach, Virginia and The Hamptons at Country Park in Greensboro, North Carolina.
Andrew Buchanan and Doug Root founded Blackfin in August 2016. Since then, the team has assembled a portfolio of nearly 4,500 units in markets from Boston to the Carolinas. In February, Blackfin sold The Flats at Arrowood, a 301-unit apartment community in Charlotte, North Carolina, for $33.5 million after making significant improvements to the property that brought the amenities and unit interiors in-line with submarket competition.
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
About GMF Capital LLC
GMF Capital is a private investment management platform engaged in private equity and alternative investments across a range of asset classes, especially real estate and healthcare. GMF’s multifamily portfolio spans roughly 25,000 units across numerous markets throughout the US. For more information contact the firm at 212-300-1270 or visit www.gmfcapital.com.
Media Contact
Kristine Warner
301/424-4141
Kris@MaierWarnerPR.com