Clarion Partners and Blackfin Real Estate Investors have acquired a 3,564-unit portfolio of 12 multifamily properties in the Sun Belt, with Clarion Partners acting on behalf of its largest commingled fund. The seller is a partnership between PGIM Real Estate and CARROLL and the properties are located in Tampa, FL; Orlando, FL; Melbourne, FL; Charlotte, NC; Wilmington, NC; and Nashville, TN.
The companies did not announce the price but in a separate announcement CARROLL and PGIM Real Estate reported they sold the portfolio for $885.5 million.
"This acquisition further strengthens our position in fast-growing Sun Belt markets and also gives us exposure to a high-growth portfolio of seasoned multifamily properties which we can own below replacement cost and renovate for yield enhancement," Clarion Partners Managing Director Thomas James says in prepared remarks.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
