DivcoWest, Blackfin Acquire 384-Unit Raleigh MF Community
A partnership between DivcoWest and Blackfin Real Estate Investors has acquired The Proper, a 384-unit residential community located at 403 Wolf Creek Circle in Raleigh. The sales price was not disclosed.
Built as high-end student housing, the partnership plans to invest heavily in The Proper to create a vibrant lifestyle experience that appeals to apartment renters seeking a well-located and amenity-rich place to live in the Raleigh metro. The Proper was completed in 2001 and offers a range of two-, three- and four- bedroom apartments in a highly-amenitized community setting. Amenities include a large outdoor, resort-style pool as well as two fitness centers and a basketball court.
The acquisition is the second joint venture between DivcoWest and Blackfin and adds to Blackfin’s multifamily presence in the North Carolina market. The seller was not disclosed.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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