Arlington, VA — A joint venture between Blackfin Real Estate Investors and GMF Capital LLC has closed on the acquisition of three Low Income Housing Tax Credit (LIHTC) communities in Virgina. The portfolio totaling 452 units included Oaks of Dunlop Farms in Richmond, VA (144 units), Crescent Place (156 units), and Independence Square (152 units) both in Portsmouth, VA. The properties all operate under the LIHTC program and offer the partnership a unique opportunity to purchase nearly fully occupied assets (99% average occupancy) in the growing Richmond and Portsmouth/Suffolk submarkets. This transaction represented the venture’s 6th acquisition together.
This is Blackfin’s third transaction in the Hampton Roads Market in the past four months. Blackfin co-founder and managing partner, Doug Root, said “We are excited to be adding more LIHTC product to our portfolio. We have found that LIHTC communities have generally held up better than other multifamily product types during the global pandemic. This acquisition will help us diversify our portfolio and it will give us a chance to take advantage of the strong growth that we anticipate for these regions.”
This is the sixth transaction between GMF and Blackfin and their third acquisition together in the region. In March 2019, the JV acquired Coastline Apartments and just recently the venture closed on Pepperwood Townhomes and Towne Point Apartments in Portsmouth in February 2021. GMF chief investment officer Jeff Selinger said, “We are delighted to add these properties to our growing portfolio of multifamily properties located in Richmond and Portsmouth. We expect the planned property upgrades to enhance the affordable housing stock in the region and to bolster each property’s competitive position in its respective submarket.”