Blackfin Real Estate Investors and GMF Capital Close on Seven-Property Portfolio in Richmond

ARLINGTON, VA –Blackfin Real Estate Investors and GMF Capital LLC scored a major acquisition in Shockoe Bottom - Richmond’s most vibrant, historic, river-front commercial district. The seven-property portfolio includes 300 multi-family units and 12,144 square feet of ground floor retail. Blackfin and GMF purchased the properties from a Richmond based venture between Sensei Development and The Monument Companies.

The properties are located within a four-block radius of each other and comprise Terrace 202, The Tracks at Shockoe Crossing, Bobber Flats, Trolley Commons, Firehouse Lofts, Engine Company Lofts and Old Stone Row. Once a series of tobacco factories and warehouses, five of the seven were originally built in the late 1800s to early 1900s while the remainder were built from 2011 to 2013. All the properties were converted to lofts and apartments over the last several years and share resident amenities and a fitness center. The portfolio is currently 95% occupied.  

“We feel fortunate to have the opportunity to acquire assets that offer strong cash flow and long-term value appreciation in Richmond’s most eclectic and historic district,” said Andrew Buchanan, co-founder and managing partner at Blackfin Real Estate Investors. “This portfolio provides for operational efficiency in the day-to-day management of terrific assets in a strong and sought-after market.”

Shockoe Bottom has experienced a decade of significant gentrification and cultural development consistent with the City’s strong and diverse job market. The district continues to thrive today with the influx of new small businesses, including an exploding restaurant scene, and offers lively social experiences with popular bars, brewpubs and dance spots situated along quaint tree-lined, cobblestone streets. 

Buchanan and Root founded Blackfin in August 2016. Since then, the team has assembled a portfolio of nearly 3,500 units in markets from Boston to the Carolinas. Blackfin has a solid pipeline of acquisitions lined up for the remainder of 2019, which will add a significant number of additional units to the portfolio.

About Blackfin Real Estate Investors: Blackfin Real Estate Investors is focused on acquiring and repositioning multifamily properties from the Carolinas to Boston. Its experience within real estate spans the spectrum of real estate investment management, capital renovations, property operations, finance and accounting. Founders Andy Buchanan and Doug Root have more than 30 years of combined experience working for institutional quality apartment acquisition, development, and management companies. Both are experienced real estate and investment management professionals.  They have worked with some of the most respected names in real estate, development and investment management throughout the country and they plan to continue working with this network as they grow their portfolio.

About GMF Capital LLC: GMF Capital is a private investment management platform engaged in private equity and alternative investments across a range of asset classes including real estate and healthcare. GMF’s multifamily portfolio spans roughly 25,000 units across numerous markets throughout the US. For more information contact the firm at 212-300-1270 or visit www.gmfcapital.com.

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