Clarion Partners and Blackfin Real Estate Investors Venture Acquire 3,564 Unit Sun Belt Portfolio | news

NEW YORK–(BUSINESS WIRE)–Aug. June 2022–

Clarion Partners, LLC, a leading US real estate investment manager, has acquired a portfolio of 12 multi-family properties totaling 3,564 units in a joint venture with Blackfin Real Estate Investors, LLC, on behalf of its largest diversified fund. The assets are located in six high growth Sun Belt markets including Tampa, FL; Orlando, FL; Melbourne, Florida; Charlotte, NC; Wilmington, NC; and Nashville, Tennessee.

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One of the 12 properties included in the transaction, the Northlake property in Charlotte, NC, built in 1990, has 216 units. (Photo: Business Wire)

The portfolio’s 12 B-class garden-style apartment buildings were constructed between 1972 and 1995. Community amenities within the portfolio include clubhouses, pools, fitness centers, and basketball and tennis courts. Clarion is working with Blackfin to deliver the business plan, which includes a comprehensive renovation program that will upgrade both unit interiors and communal amenities. Much of the portfolio’s units are being upgraded with new vinyl floors, new appliances, new countertops, LED lights, and other features.

“This acquisition further strengthens our position in the fast-growing Sun Belt markets and gives us access to a high-growth portfolio of proven multi-family homes that we can own below replacement cost and renovate to increase income,” said Thomas James, Managing Director of Clarion Partners.

“We are thrilled to be working with Clarion on our third transaction in 12 months. This is a great opportunity for us to expand our relationship with Clarion and leverage our construction expertise throughout the Southeast,” said Doug Root, Blackfin Co-Founder and Managing Partner.

The portfolio was acquired through a partnership between PGIM and CARROLL.

Clarion and Blackfin have selected Greystar as the property manager for the six properties in Florida and Tennessee and Drucker & Falk for the six properties in North Carolina.

DLA Piper, a multinational law firm with offices in more than 40 countries across the Americas, Asia Pacific, Europe, Africa and the Middle East, acted as legal counsel to Clarion Partners on the transaction.

Eastdil Secured’s investment sales team supported the transaction.

About Clarion Partners, LLC

Clarion Partners LLC, an SEC-registered investment advisor with FCA-registered and FINRA member firms, has been a leading US real estate investment manager for 40 years. Headquartered in New York, the company has strategically located offices throughout the United States and Europe. With over $75.9 billion in assets under management, Clarion Partners offers nearly 500 domestic and international institutional investors a wide range of real estate strategies across the risk-return spectrum. Clarion scales across all major property types and was an early entry into the industrial sector. The firm’s global industrials team manages a portfolio of more than 900 properties in the US and Europe covering more than 206 million square feet. For more information about the company, visit clarionpartners.com.

About Blackfin Real Estate Investors

Founded in August 2016 by Andrew Buchanan and Doug Root, Blackfin Real Estate Investors is focused on acquiring value-add and core-plus Class B and C condominium communities on the East Coast of the United States. Blackfin’s hands-on wealth management approach and full-service general contractor business enable him to take an active and holistic approach to every aspect of investing. Blackfin’s 4 key executives have over 110 years combined experience and complementary skills in the acquisition, financing, renovation and operation of multifamily properties. Blackfin’s portfolio currently consists of 10,000 units representing a total asset value of over $2 billion. The portfolio’s geography spans from Boston to Florida and includes assets in Boston, Suburban Maryland, Northern Virginia, Richmond, Hampton Roads, Charlotte, Raleigh-Durham, Greensboro, Wilmington, Charleston, Orlando, Tampa and Nashville. For more information, call 703-778-7641 or visit www.blackfinrei.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220601005405/en/

CONTACT: Natalie Evertson – Clarion Partner

natalie.evertson@clarionpartners.com

212-883-2595

KEYWORD: UNITED STATES NORTH AMERICA TENNESSEE NORTH CAROLINA NEW YORK FLORIDA

INDUSTRY KEY WORD: HOUSING & REAL ESTATE CONSTRUCTION & REAL ESTATE PROFESSIONAL SERVICES FINANCING

SOURCE: Clarion Partners, LLC

Copyright Business Wire 2022.

PUB: 06/01/2022 08:30 / DISC: 06/01/2022 08:32

http://www.businesswire.com/news/home/20220601005405/en

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