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Blackfin/GMF JV Enters Fredericksburg Market

A joint venture between Blackfin Real Estate Investors and GMF Capital LLC closed on the $23.5-million acquisition of Southpoint Reserve at Stoney Creek, a 156-unit apartment community in Fredericksburg, VA. It’s the JV’s second deal this year, and its fifth overall.

“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. “We believe we can continue to add value to this property through a focused asset management and continued renovation program.”

The property was acquired on an off-market basis through Walker & Dunlop’s investment sales team of Christopher Doerr and William Harvey. The Blackfin/GMF JV now owns more than1,450 apartment units and more than 12,000 square feet of retail.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).