The Connelly
Portsmouth, VA
In February 2021, Blackfin acquired The Connelly, a 1973 vintage, Class B, 192-unit garden-style multifamily community in the growing Churchland neighborhood of Portsmouth, VA. The property’s micro-location benefits from immediate access to major transportation nodes including I-664 and Route 164, providing direct access within minutes to Norfolk, Newport News, Suffolk, and Chesapeake. The property is ideally positioned to capture the distribution facility momentum in neighboring Suffolk and Chesapeake, as well as consistent federal government and military driven employment in Norfolk and beyond. In addition, the Property provides Blackfin with the opportunity to capitalize on significant rental and management upside through targeted value-add renovations to unit interiors, common areas, and amenity spaces. Blackfin believes that a repositioned and renovated community, combined with improved marketed fundamentals and limited supply will allow provide a strong and sustainable cash flow for its investors.