Blackfin and GMF buy three apartment complexes for $48M
The Franklin Johnson Group sells 452 units
On Monday, Arlington-based Blackfin Real Estate Investors LLC and New York-based GMF Capital LLC announced they had purchased three Low Income Housing Tax Credit (LIHTC) communities from Virginia Beach’s The Franklin Johnson Group for $48 million.
The apartment complexes include: Oaks at Dunlop Farms, 101 Old Oak Lane, Colonial Heights, 23834; Crescent Place, 2804 Turnpike Road, Portsmouth, 23707; and Independence Square, 5120 George Washington Highway, Portsmouth, 23702. The portfolio totals 452 units at an average of 99% occupancy. Blackfin said it did not value each property individually.