Updated Oct 12, 2026
Blackfin Real Estate Investors Acquires Pines At Carolina Place Apartment Property For $28.8M
12600 Windy Pines Way
$28,800,000
Units
200
Asset Type
MultiFamily
Closing
Sep 22, 2023
About this deal
AI
The 200-unit Pines at Carolina Place apartment property in Pineville, N.C. has been sold for $28.8 million. The buyer, Blackfin Real Estate Investors, acquired the multifamily asset at a cost of $144,000 per unit.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $28,800,000
- Address: 12600 Windy Pines Way
- Market: Pineville, NC
This transaction involved the buyer, Blackfin Real Estate Investors, represented by Andrew Buchanan, and the seller, The NHP Foundation, represented by Richard F. Burns.
The multifamily sale at 12600 Windy Pines Way in North Carolina sold for $28.8M in 2023. Reported inventory is 200 units across 200 units. Named participants on the 12600 Windy Pines Way sale are Richard Burns, Andrew Buchanan. This page is the North Carolina file for the 12600 Windy Pines Way multifamily sold: pricing, party profiles, and other closed multifamily comps from the same North Carolina sit in the Market section below. Filter that local multifamily set by closing date to see what else sold near 12600 Windy Pines Way around 2023. Published consideration for 12600 Windy Pines Way is $28.8M, dated 2023. Cite this Blackfin Real Estate Investors Acquires Pines At Carolina Place Apartment Property For $28.8M sale when underwriting similar multifamily product around North Carolina.
On the Map
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Market MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93