Charlotte Multifamily Trades for $78M Following $19M Purchase in 2017
Arlington, VA-based Blackfin Real Estate Investors has closed on sale of Pressley South End apartments in Charlotte, NC for $78 million. The 1969-constructed, 504-unit property was originally acquired in June of 2017 for $19 million.
“After executing our business plan, we elected to capitalize on an optimal point in the current real estate market to maximize returns for our investors,” said Andy Buchanan, co‐founder and managing partner of Blackfin.
The transaction was the firm’s third disposition in 2022 comes on the heels of Blackfin’s recent $886 million portfolio acquisition of 3,564 apartments across the Sunbelt. The company has acquired 26 properties in the past 18 months.
Blackfin Real Estate Investors is focused on acquiring Class B and Class C value add and core plus apartment communities across the East Coast. The company’s portfolio currently consists of 10,000 units from Boston to Orlando.
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.
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