Blackfin Real Estate Investors has acquired Roanoke, Virginia-based Garst Creek, an apartment community. The purchase price is $23.25 million.
Blackfin Real Estate Investors, LLC closed on the purchase of Villages at Garst Creek, a 504-unit apartment community in Roanoke, VA for $23,250,000. Built in 1974, and spread across 33 buildings, Villages at Garst Creek is positioned within short proximity to the region’s most significant economic drivers, including several of the area’s most prominent healthcare facilities that include the rapidly expanding Carilion Clinic (24,000+ jobs and $3.2B+ economic impact). Via the expanding Innovation Campus, Roanoke has quickly transformed itself as a biomedical and tech hub that benefits significantly from the region’s educated workforce.
The property was rehabbed and placed back in service in 2007 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. “This was a unique opportunity for Blackfin to diversify into a new market, and simultaneously add scale to our growing LIHTC portfolio,” stated Blackfin Co-Founder and Managing Partner Andrew Buchanan. Blackfin, an Arlington, VA based firm, hase been on a buying spree in 2021 and has already added 1,300 units to its portfolio this year and is expected to close on several additional investments throughout April and May.
The property offers one, two, and three bedroom apartments featuring washer & dryer connections, energy efficient windows and appliances, large closets, and window treatments. The community amenities include a swimming pool, 24-hour emergency maintenance, 24-hour laundry facility, a business center, a gourmet coffee bar, resident activities, and a convenient location adjacent to Garst Mill Park.
Andrew Buchanan and Doug Root founded Blackfin in August 2016. Since that time, the team has acquired a portfolio of over 6,000 units in markets from Boston to the Carolinas. Senior Managing Director’s Brandon Grisham and Drew White and Director Carter Wood of Berkadia represented the seller. Financing was arranged by Managing Directors Jonathan Pratt and Ted Hermes of Berkadia.
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.