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The firm Andy Buchanan and Doug Root launched in August has made its first acquisition.
Blackfin Real Estate Investors bought Quarterfield Crossing, a 203-unit apartment community in Glen Burnie, Md., from Ronald Hollander, an Annapolis-based landlord, for $19.4M.
At 400 Pamela Road in Glen Burnie, the apartment community is 15 miles from Baltimore and sits down the street from a retail center that includes a Walmart Supercenter, Sam's Club, Lowe's and Kohl's.
Root said Blackfin has been working on the deal for about four months. Hogan Cos.' Raffi Karamian brokered the deal. Blackfin was drawn to the property as a value-add play because its occupancy has fallen to the low 70% range in an area where most properties are 90% leased, and its rents are about $300 below standard market rates.
"It's a great opportunity to reposition the asset, rebrand it and capture the upside," Root said.
Root and Buchanan, after leaving Greystar and Kettler, respectively, launched Blackfin in August as an investment platform focused on acquiring value-add multifamily properties. Root said they have since gotten a large seed investment from two family offices that will allow the firm, using JV partnerships, to ultimately invest in $1B worth of assets.
Blackfin has also brought over Kyle Hetherington from Greystar as a senior associate focused on acquisitions.
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