PORTSMOUTH, VA. — Blackfin Real Estate Investors and GMF Capital LLC have partnered to purchase Pepperwood Townhomes and Towne Point Landing Apartments in Portsmouth for $35.5 million. This transaction represented the joint venture’s fourth acquisition from the undisclosed seller and was done directly by Blackfin/GMF without intermediation.
Built in 1981, Pepperwood Townhomes is located at 3790 Pepperwood Court. The 155-unit apartment community offers one-, two- and three- bedroom units. The community amenities include a fitness center, pool, playground, picnic area, grill, business center and clubhouse. The rent ranges from $990 to $1,579. The companies plan to upgrade the common areas, amenities, exteriors and complete unit renovations at both properties.
Towne Point Landing Apartments is situated at 3802 Towne Point Road. The 193-unit complex offers one-, two- and three- bedroom apartment homes. Community amenities include a pool, playground, tennis court, volleyball court, patio, grill and public transportation. Both Pepperwood Townhomes and Towne Point Landing were 99 percent occupied at the time sale.
This is the sixth transaction between Blackfin and GMF Capital and the companies’ second acquisition together in the region.