Blackfin Real Estate Investors LLC and GMF Capital have acquired Virginia Beach, Virginia-based Baker Cross, a 600-unit apartment community. No financial terms were disclosed.
Blackfin Real Estate Investors, LLC and GMF Capital LLC closed on the purchase of Baker Crossing, a 600‐unit apartment community in Virginia Beach, Virginia. Built in 1970 and spread across 75 buildings, Baker Crossing occupies an ideal transit‐oriented location in Virginia Beach’s Central submarket, proximate to Hampton Roads’ main transportation arteries which provide access to all of the region’s primary employment centers. The transaction involved the assumption of agency debt originated by Newmark Knight Frank.
This is the first transaction consummated by New York‐based GMF Capital alongside Blackfin, an Arlington‐based multifamily operator. “Our firm has closely tracked Blackfin’s growth since its inception several years ago,” noted GMF’s Chief Investment Officer, Jeff Selinger. “We are thrilled to be partnering with a first class team so well positioned to successfully execute our business plan. We expect this to be the first of many successful ventures together.”
Leslie Furst, Blackfin’s Chief Operating Officer added, “The acquisition of Baker Crossing by Blackfin and GMF offers us the opportunity to enter the vibrant Virginia Beach market and create a welcoming community for our residents by addressing deferred maintenance issues and enhancing amenity and unit finishes.”
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. Visit www.blackfinrei.com for more information.
About GMF Capital LLC
GMF Capital LLC is a private investment management platform engaged in private equity and alternative investments across a range of asset classes including real estate, healthcare and structured credit. GMF’s multifamily portfolio includes interests in nearly 20,000 multifamily units in various markets around the US as well as dozens of healthcare, student housing and commercial properties. For more information, please contact us at 212‐300‐1270, or visit www.gmfcapital.com.