Independence Square
Portsmouth, VA
In March of 2021, Blackfin acquired Independence Square Apartments, a 152-unit affordable (LIHTC) housing community in the growing Portsmouth/Suffolk market. Independence Square was built in 1986 and offers residents an affordable renting option in a highly commutable location at the intersection of Route 17 and I-239. The property benefits from improving market conditions in the Portsmouth/Suffolk market, which is emerging as a logistical hub for fulfillment centers. These economic factors are highlighted by Amazon's Suffolk and Chesapeake centers that promise to bring 2,000+ jobs to the market in the near-term. Independence Square is nearly fully occupied in a market with an insignificant development pipeline and average median income growth of almost 5%, creating a compelling investment opportunity.