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Arlington, VA-based Blackfin Real Estate Investors has sold The Avenue Apartments in Greensboro, NC for $67 million

Blackfin Real Estate Investors Sells Greensboro Multifamily for $67M Following $28M Purchase in 2018

Arlington, VA-based Blackfin Real Estate Investors has sold The Avenue Apartments in Greensboro, NC for $67 million. The 1972-constructed, 502-unit property was originally acquired in January of 2018 for $28 million.

“Greensboro has seen significant growth since we acquired this asset and The Avenue has been a direct recipient of the market’s strong fundamentals,” Doug Root, co-founder and managing partner of Blackfin. “This asset was a great anchor to our work force housing portfolio for many years. After proving out our renovation strategy and executing our business plan, we elected to take advantage of an optimal point in the market cycle by selling this asset and creating liquidity for our investors.”

This transaction was the firm’s fourth disposition in 2022 and comes on the heels of Blackfin’s sale of Pressley South End Apartments in Charlotte, NC and the firm’s $886-million portfolio acquisition of 3,564 apartments across the Sun Belt.

Richard Montana, Hunter Bowling and Paul Marley of Cushman & Wakefield represented the seller.


Inside The Story

Blackfin Real Estate Investors' Root

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition
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