NEW YORK–(BUSINESS WIRE)–June 1, 2022–
Clarion Partners, LLC, a leading U.S. real estate investment manager, has acquired a portfolio of 12 multi-family community assets totaling 3,564 units on behalf of its largest mixed fund in a joint venture with Blackfin Real Estate Investors, LLC. Assets are located in six high-growth Sun Belt markets, including Tampa, FL; Orlando, Florida; Melbourne, Florida; Charlotte, North Carolina; Wilmington, North Carolina; and Nashville, Tennessee.
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One of 12 properties included in the transaction, the Northlake property in Charlotte, North Carolina, which was built in 1990, has 216 units. (Photo: BusinessWire)
The 12 multi-family, garden-style Class B communities in the portfolio were built between 1972 and 1995. Community amenities in the portfolio include clubhouses, swimming pools, fitness centers, and basketball and tennis courts. Clarion is partnering with Blackfin to execute the business plan, which includes a comprehensive refurbishment program, upgrading both unit interiors and community amenities. The majority of units in the portfolio will be upgraded with new vinyl floors, new appliances, new counters, LED lights and other features.
“This acquisition further strengthens our position in the fast-growing Sun Belt markets and also gives us exposure to a high-growth portfolio of seasoned multi-family properties that we can own below replacement cost and renovate to improve yield,” said Thomas James, managing director of Clarion Partners. .
“We are delighted to partner with Clarion for our third transaction in 12 months. This is a great opportunity for us to expand our relationship with Clarion and leverage our construction expertise in the Southeast,” said Doug Root, co-founder and managing partner of Blackfin.
The wallet was purchased from a partnership between PGIM and CARROLL.
Clarion and Blackfin have chosen Greystar to serve as property manager for the six assets located in Florida and Tennessee, and Drucker & Falk for the six properties located 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, served as legal counsel for Clarion Partners in the framework of the agreement.
Eastdil Secured’s investment sales team facilitated the transaction.
About Clarion Partners, LLC
Clarion Partners LLC, an SEC-registered investment adviser with affiliates authorized by the FCA and members of FINRA, has been a leading manager of real estate investments in the United States for 40 years. Based in New York, the company has offices strategically located in the United States and Europe. With over $75.9 billion in assets under management, Clarion Partners offers a wide range of real estate strategies across the risk/return spectrum to nearly 500 national and international institutional investors. Clarion scales across all major property types and was an early entrant into the industry sector. The company’s global industrial team manages a portfolio of more than 900 properties in the United States and Europe, consisting of more than 206 million square feet. More information about the company is available at 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-added class B and C and core plus apartment communities on the US East Coast. Blackfin’s hands-on approach to asset management and full-service general contracting firm enable it to take an active and holistic approach to every aspect of investing. Blackfin’s 4 principal executives have over 110 years of combined experience and complementary skills in acquiring, financing, renovating and operating multi-family real estate. Blackfin’s portfolio currently consists of 10,000 units representing a total asset value of over $2 billion. Portfolio geography stretches 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, contact 703-778-7641 or visit www.blackfinrei.com.
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CONTACT: Natalie Evertson – Clarion Partners
KEYWORD: UNITED STATES NORTH AMERICA TENNESSEE NORTH CAROLINA NEW YORK FLORIDA
SECTOR KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & REAL ESTATE PROFESSIONAL SERVICES FINANCE
SOURCE: Clarion Partners, LLC
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PUBLISHED: 06/01/2022 08:30/DISC: 06/01/2022 08:32