Berkshire Manor Apartments
Carrboro, North Carolina
In December 2017, Blackfin acquired Berkshire 54, a class B 296-unit garden-style apartment community located in Carrboro, NC. The property is located less than 2 miles from the University of North Carolina at Chapel Hill with convenient access to Research Triangle Park. Blackfin’s investment team sourced this opportunity at a discount to the original market clearing price after the initial buyer failed to perform.
This investment provides Blackfin with the opportunity to acquire an institutionally-maintained asset with significant rental upside. With a muted supply pipeline and convenient access to top area employment and retail, Carrboro is a submarket poised to capture demand from a highly educated resident base with strong household incomes. In addition, the asset provides new ownership with the opportunity to capitalize on prior ownership's proven renovation program and increase income through targeted value‐add improvements to the remaining 73% unrenovated units. The asset will also benefit from plans to enhance the common areas/amenity spaces including an upgraded fitness center, outdoor amenity space, and outdoor lounge/grilling area. 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.