Blackfin Real Estate Investors has acquired a 504-unit affordable housing property in Roanoke, Virginia.
Berkadia announced the $23.3 million sale and financing of Villages at Garst Creek, where all of the units serve residents earning no more than 60% of the area median income.
The property offers one-, two-, and three-bedroom floor plans. Community amenities include a swimming pool, 24-hour emergency maintenance, a 24-hour laundry facility, a business center, a gourmet coffee bar, and resident activities, and close proximity to Garst Mill Park.
Berkadia senior managing directors Jeff Irish and Brandon Grisham and associate Mike Terry of Berkadia Affordable Housing, with managing director Drew White and director Carter Wood of Berkadia D.C. Metro and Newport News, Virginia, respectively, completed the sale.
“Our team has seen interest pick up in the tertiary markets of Virginia, and Roanoke is getting a lot of attention due to its consistent performance and strong fundamentals,” said White. “Blackfin and its ability to add value through management and renovation will do well with this acquisition.”
Managing directors Ted Hermes and Jonathan Pratt of Berkadia D.C. Metro and Salt Lake City, respectively, secured $18.9 million in acquisition financing through Voya Investment Management on behalf of Virginia-based Blackfin.