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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