Pressley South End
CHARLOTTE, NORTH CAROLINA
In June 2017, Blackfin acquired Pressley South End, a 504-unit, garden style apartment community in Charlotte, NC. Sourced on an off-market basis, Blackfin was able to navigate an extremely complicated foreclosure process to purchase a well-located, underperforming asset at a significant discount to replacement cost. Blackfin’s team plans to strategically improve asset performance through the implementation of institutional-quality management, an extensive value-add renovation program on both unit interiors and common areas/amenities, and curing all deferred maintenance issues immediately upon takeover. Blackin believes the asset’s convenient location in close proximity to the airport and abundance of retail/entertainment options in Uptown Charlotte will create an ideally-located apartment destination for residents. The property is located directly in the path of growth in a rapidly gentrifying Southwest Charlotte submarket. Upon successful completion of its investment strategy, Blackfin believes the asset will distinguish itself within the community as a safe and exciting home for our residents for years to come.