Greensboro, North Carolina
In January 2018, Blackfin acquired The Avenue Apartments, a class B 502-unit garden-style apartment community located in Greensboro, NC. The Avenue occupies an ideal location in the Northwest submarket of Greensboro, with walkability to an abundance of grocery, retail, and dining along Friendly Avenue, one of Greensboro’s primary thoroughfares. The property has excellent access to I‐40, I‐73, and Bryan Boulevard providing convenient access to the Piedmont Triad International Airport (PTIA), consisting of 50+ companies employing over 4,500 people. This investment provides Blackfin with the opportunity to acquire an institutionally-maintained asset with significant rental upside. Blackfin believes that there is a unique opportunity to introduce a top notch amenity package and provide upgraded unit finishes to meet the demand that exists in the submarket. The asset will also benefit from plans to enhance the common areas/amenity spaces including an upgraded fitness center, outdoor amenity space, pool area, playground, and leasing office. Upon successful completion of its investment strategy, Blackfin believes the asset will distinguish itself within the community as a unique and vibrant space for residents to call home.