Property: Pressley South End Apartments
Buyer: Concordia Properties
Seller: Blackfin Real Estate Investors
Location: Charlotte, North Carolina
Cost: $78 million
On Aug. 18, Arlington, Virginia-based Blackfin Real Estate Investors sold Pressley South End Apartments, a 504-unit property in Charlotte, North Carolina, for $78 million to Edgewater, New Jersey-based Concordia Properties, according to Mecklenburg County, North Carolina, property records and Concordia’s website.
Blackfin bought the property in 2017 for $19 million — shortly after co-founders and managing partners Doug Root and Andy Buchanan launched the company in 2016, according to a press release shared with Multifamily Dive. The firm, which has 10,000 units representing a total asset value of over $2 billion, targets Class B and Class C value-add and core-plus apartment communities from Boston through Florida.
Pressley South End Apartments, built in 1969, anchored the company’s workforce portfolio.
“It's almost 50 acres and less than a mile from the south end of Charlotte, which continues to be the path of growth,” Root told Multifamily Dive. “There's a limited supply of affordable housing in that pocket.”
After buying the property, Blackfin replaced the roofs and windows. “The big ticket items were at the end of their useful life and needed a major overhaul,” Root said.
But Blackfin didn’t touch the units. “We were seeing good growth and property performance without renovating the units,” Root said.
This transaction is Blackfin’s third disposition in 2022. The company has primarily focused on acquisitions, buying 26 properties in the past 18 months. Root says the Pressley South End transaction was in the works for a couple of months.
“We brought it to market when the appetite for Southeast multifamily was at its peak,” Root said. “We had done some of the major capital expense heavy lifting and we could sell the renovation strategy to the next buyer.”
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