Arlington real estate firm buys Portsmouth apartments for $43.35M

Published November 12, 2019 by Richard Foster

Arlington-based Blackfin Real Estate Investors has purchased The Myrtles at Olde Towne, a 394-unit multifamily community in Portsmouth, for $43.35 million, the company announced Tuesday.

Adjacent to the Naval Medical Center, the nearly 14-acre Myrtles at Olde Towne includes two separate communities and eight buildings, plus two pools, a clubhouse, fitness center and cyber cafe. Olde Towne-I was built in 2006 and is a garden-style complex with elevators serving 246 apartments with 9-foot ceilings. Built in 1972 and renovated in 2006, Olde Towne-II includes 148 apartments in two eight-story buildings.

“The Myrtles at Olde Towne offers a tremendous opportunity to invest in a stable and growing metropolitan area,” said Leslie Furst, Blackfin's chief operating officer, in a statement. “With the presence of federal agencies, expanding medical services, a strong student population and the growth of data and technology sectors, this property is well positioned to support the growing need for housing.”

Founded by Andrew Buchanan and Doug Root in 2016, Blackfin has assembled a portfolio of nearly 4,500 apartment units along the East Coast.