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.