B
lackfin Real Estate Investors, based in Arlington, Virginia, has expanded into Georgia with the acquisition of Sage Creek Apartments in Augusta for $17.3 million.

    The 120-unit garden-style property features three stories, built in 2016, with amenities such as a coffee bar, swimming pool, and 24-hour fitness center. Units boast 9-foot ceilings, stainless steel appliances, granite countertops, and washer-dryer connections.

    "We've been eyeing the Augusta market for some time," said Doug Root, co-founder and managing partner of Blackfin. "We saw an opportunity to acquire a quality asset at a favorable price." The property's purchase price works out to around $140,000 per unit, significantly lower than the $240,000 to $250,000-plus per unit that similar properties were trading for.

    Blackfin was drawn to Augusta due to its strong regional economic drivers, including the Augusta Medical District and major employers like Textron and John Deere. The presence of the U.S. Army Cyber Command and Georgia Cyber Command Center is also expected to continue attracting technology professionals to the area.

    "We believe the fundamentals of this market are solid," Root said. "The workforce is stable, and new supply will be limited due to high construction costs." Mike Riley and Ian Shaw of Berkadia's Southeast multifamily advisory team facilitated the transaction on behalf of JJM Realty Partners.

    Since its founding in 2016, Blackfin has acquired over 15,000 units across the East Coast, with a current portfolio of 10,000 units valued at over $2 billion. Root is optimistic about the market this year, citing maturing debt and increased pressure on sellers to bring properties to market.