Clarion Partners
Update
06/01/22
Clarion Partners and Blackfin Acquires 3,564 Unit Sunbelt Portfolio
Clarion Partners, LLC, a leading U.S. real estate investment manager, has acquired a 12-asset portfolio of multifamily communities totaling 3,564 units on behalf of its largest commingled fund in a venture with Blackfin Real Estate Investors, LLC. The assets are located in six high-growth Sun Belt markets including Tampa, FL; Orlando, FL; Melbourne, FL; Charlotte, NC; Wilmington, NC; and Nashville, TN.
The portfolio's 12 garden-style, Class B multifamily communities were constructed between 1972-1995. Community amenities within the portfolio include clubhouses, pools, fitness centers, and basketball and tennis courts. Clarion is partnering with Blackfin to execute the business plan, which includes a comprehensive renovation program, upgrading both unit interiors and community amenities. A majority of the portfolio's units will be improved with new vinyl floors, new appliances, new countertops, LED lights, and other features.
“This acquisition further strengthens our position in fast-growing Sun Belt markets and also gives us exposure to a high-growth portfolio of seasoned multifamily properties which we can own below replacement cost and renovate for yield enhancement," says Clarion Partners Managing Director Thomas James.
“We are thrilled to be partnering with Clarion on our third transaction in 12 months. This is a great opportunity for us to expand our relationship with Clarion and leverage our construction expertise across the Southeast," stated Blackfin's Co-Founder and Managing Partner Doug Root.
The portfolio was purchased from a partnership between PGIM and CARROLL.
Clarion and Blackfin have selected Greystar to serve as the 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 throughout the Americas, Asia Pacific, Europe, Africa, and the Middle East, served as legal counsel for Clarion Partners on the deal.
The Eastdil Secured investment sales team facilitated the transaction.
