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Blackfin Real Estate Investors Acquires Pines At Carolina Place Apartment Property For $28.8M

Property Image
SOLD
$28,800,000

North Carolina

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MultiFamily
Sold 09/22/2023
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Property Image
SOLD

Blackfin Real Estate Investors Acquires Pines At Carolina Place Apartment Property For $28.8M

12600 Windy Pines Way

See Similar Deals
MultiFamily
Sold 09/22/2023
the dealplayerscompscontact
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Summary

NORTH CAROLINA
Asset Type:MultiFamily
Transaction Type:Sale

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.

Players

BI
Blackfin Real Estate Investors
BUYER
RB
Richard Burns
2 deals$103.3M volume
SELLER

Details

SOLD
IMAGE: Richard F. Burns & Andrew Buchanan DATE: 09/22/2023 ADDRESS: 12600 Windy Pines Way MARKET: Pineville, NC ASSET TYPE: Multifamily BUYER: Blackfin Real Estate Investors - Andrew Buchanan SELLER: The NHP Foundation - Richard F. Burns SALE PRICE: $28,800,000 UNITS: 200 ~ PPU: $144,000 NOTE: Blackfin Real Estate Investors' affiliate has acquired the 200-unit Pines at Carolina Place apartment property in Pineville, N.C., for $28.8 million, with a cost of $144,000 per unit.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$102,320.32
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