Blackfin Real Estate Investors has scooped up another large asset in Charlotte, North Carolina to add to its growing portfolio of residential properties that provide upside potential through creative repositioning and management.

Blackfin founders Doug Root and Andrew Buchanan, veterans of Washington-area real estate firms Kettler and Greystar Investment Group respectively, have finalized a deal for the 504-unit Pressley Ridge Apartments in Charlotte, North Carolina. A class-C asset, it is located the Southwest Charlotte just five miles from Uptown Charlotte and three miles from Charlotte International Airport. The garden-style apartment community was built in 1969 and has benefitted from institutional management and ongoing capital improvements.

“This well-located asset brings an attractive yield and strong cash flow to our investors while offering upside potential to compete with surrounding market rate product through a targeted renovation program to unit interiors and the common areas,” said Doug Root, co-founder and managing partner at Blackfin Real Estate Investors. “And, it’s a perfect fit with our strategy of acquiring and re-positioning well-located, value-add, rental housing.”

Pressley Ridge is the second acquisition in the last three months and complements the company’s earlier acquisition of Calvert at QuarterfieldStation, a 203--unit, garden style apartment community in Glen Burnie, MD, a rapidly growing and supply constrained submarket of Baltimore.

Andrew Buchanan, a co-founder with Root and managing partner, said, “Blackfinpursues deals in all property spectrums, but prefers value-add. Both assets represent our vision to take aging assets that need physical, cosmetic, and management upgrades and position them into institutional quality apartment communities.”

Buchanan and Root founded Blackfin in August 2016. It is capitalized to acquire a $1 billion portfolio over the next five years.

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.