Blackfin Real Estate Investors Crosses 2,000 Unit Mark with Acquisition of Montclaire Estates Apartments
Arlington, VA (March 1, 2018) – Blackfin Real Estate Investors of Arlington, VA has acquired another asset in Charlotte, NC, the firm’s fourth acquisition in the Carolinas in the last eight months and the most recent addition to its growing portfolio of value-add multifamily that now exceeds 2,000 units and spans major markets across the Northeast, Mid-Atlantic, and Southeast.
Montclaire Estates is a 301-unit, residential community located in Charlotte’s North Pineville submarket. The asset is poised to capture strong rental demand given its walkable access to the Arrowood LYNX Light Rail Station and its proximity to major employment centers and entertainment destinations throughout the Charlotte MSA.
“Blackfin is extremely excited to expand its presence in the Charlotte market, and we look forward to transforming this asset to meet its potential,” said Doug Root, co-founder and managing partner at Blackfin Real Estate Investors. “We have immediate plans to commence renovations with the addition of a best in class amenity package that includes a turf soccer field, amenity deck, and upgraded unit finishes.”
Andrew Buchanan, a co-founder with Root and managing partner, said, “We believe this asset sits directly in the path of growth along Charlotte’s LYNX train line and will benefit tremendously from the increase in demand that is coming from the area’s rapid gentrification.”
Montclaire Estates is Blackfin’s sixth acquisition in the last 11 months and complements the company’s earlier acquisitions of Calvert at Quarterfield Station, 203 unit property in Glen Burnie, MD, Pressley South End, a 504-unit apartment community in Charlotte, NC, Berkshire 54, a 301-unit apartment community in Carrboro, NC, The Bixby, a 128 unit property in Haverhill, MA, and Westborough Apartments, a 502-unit apartment community in Greensboro, NC.
Buchanan and Root founded Blackfin in August 2016. It is capitalized to build a billion dollar portfolio over the next three to five years.
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.