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Crescent Place

Portsmouth, VA

Crescent Place Exterior 1.PNG
Crescent Place Pool.PNG

In March of 2021, Blackfin acquired Crescent Place Apartments, a 156-unit affordable (LIHTC) housing community in the growing Portsmouth market. Crescent Place was built in 2008 and is well-maintained, offering residents an affordable yet high-quality alternative resident experience to competitors in the region. Crescent Place is within walking distance from major retail amenities including Kroger and Wal-Mart, among others. Crescent Place’s cash flows are supported by a submarket with no meaningful new supply being added to the market in the near-term and with average median income growth of almost 5%. The asset quality and submarket fundamentals create a unique investment opportunity.

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