News Summary

Blackfin Real Estate Investors LLC has acquired the Sage Creek Apartments in Augusta, Georgia, for $17.3 million. This purchase, which marks their first entry into Georgia, involves 120 garden-style units with various amenities. The acquisition was facilitated by Berkadia and highlights Augusta’s growing economic appeal, notably with its medical district and emerging cybersecurity sector, positioning the property for long-term success.

Augusta, GA – Blackfin Real Estate Investors Acquires Sage Creek Apartments for $17.3 Million

Blackfin Real Estate Investors LLC, based in Arlington, Virginia, has successfully acquired the Sage Creek Apartments in Augusta, Georgia, for $17.3 million. This significant transaction marks Blackfin’s first investment in the Georgia market, expanding their portfolio of multifamily properties.

The Sage Creek Apartments, situated at 1315 Marks Church Road, consists of 120 garden-style units that range from 812 to 1,076 square feet, offering both one- and two-bedroom accommodations. Built in 2016, the community features a variety of amenities that cater to residents’ needs, including a swimming pool, fitness center, laundry facilities, onsite maintenance, bike storage, a pet play area, and a dog park.

Blackfin’s purchase was facilitated by Mike Riley and Ian Shaw from Berkadia, who represented the seller, an investment group led by JJM Realty Partners LLC. Financing for the acquisition was arranged through Berkadia by Patrick McGlohn, Brian Gould, Ted Hermes, Miles Drinkwalter, and Natalie Hershey; however, the specific amount of financing has not been disclosed.

The location of Sage Creek Apartments is highly favorable, being less than a mile away from the major roadways I-20 and I-520. This makes the property conveniently accessible and close to various retail and employment opportunities, essential for attracting potential residents.

Strategic Investment in Augusta’s Growth

Blackfin was drawn to Augusta due to its regional economic drivers, particularly the Augusta Medical District, Textron, John Deere, and Fort Eisenhower. The area is also seeing growth in the local cybersecurity sector, which further enhances its appeal as a solid investment opportunity.

Blackfin has a strategic focus on acquiring class B and class C value-add and core-plus apartment communities. The firm currently manages a portfolio of approximately 10,000 units valued at over $2 billion. Since its inception in August 2016, Blackfin has acquired over 15,000 apartment units across various markets.

Market Outlook

Amid rising construction costs and a stable workforce in Augusta, Blackfin expresses confidence in the local real estate market. The absence of new supply due to high development expenses holds promise for property appreciation and demand stabilization. This positions Sage Creek Apartments as a compelling addition to Blackfin’s growing assets.

The transaction not only solidifies Blackfin’s footprint in Georgia but also reflects the firm’s ability to identify valuable investment opportunities within robust economic environments. As Augusta continues to develop and attract diverse sectors, Blackfin’s investment is poised for long-term success.

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Additional Resources

• Multifamily Dive: Blackfin Real Estate Investors Acquires Georgia Apartments
• Rebusiness Online: Blackfin Purchases Sage Creek Apartments for $17.3M
• Wikipedia: Augusta, Georgia
• Google Search: Blackfin Real Estate Investors
• Encyclopedia Britannica: Multifamily Housing