The Masonry Apartments
Richmond, VA
In July 2019, Blackfin acquired the Masonry Apartment Portfolio, a 7-asset portfolio of Class A- elevator-serviced mid-rise apartment buildings located in the Shockoe Bottom submarket of Richmond, VA. Shockoe Bottom is widely perceived as the hottest up-and-coming area for recent graduates, medical students, and young professionals. The area is a bustling cultural, restaurant, and entertainment center with walkable access to downtown and the VCU medical campus, making it a top option for urban renters. This investment provides Blackfin low‐cost opportunities to effectively drive market rents through light unit upgrades and pointed marketing efforts, both of which represent low‐risk executions with an outsized return on cost based on the assets’ current position relative to the market. The Portfolio offers a unique opportunity to acquire 9' ceiling, class A- product with limited deferred maintenance at a significant discount to today's replacement cost. The acquisition of the Shockoe Portfolio by Blackfin and its partners provides us with the opportunity to enter the growing Richmond market and create a welcoming community for our residents upon successful completion of our business plan.