IRGINIA BEACH, VA — Blackfin Real Estate Investors, V Transaction involved assumption of agency debt originated by NKF Blackfin & GMF Capital LLC acquire 600 unit apartment community in VA
ISSUE HIGHLIGHTS Volume 31, Issue 6 March 29 - April 11, 2019
LLC and GMF Capi tal LLC closed on the purchase of Baker Crossing, a 600- unit apartment community in Virginia Beach. Built in 1970 and spread across 75 buildings, Baker Crossing occupies an ideal transit- oriented location in Virginia Beach's Central submarket, proximate to Hampton Roads' main transportation arteries which provide access to all of the region's primary employ- ment centers. The transac- tion involved the assumption of agency debt originated by Newmark Knight Frank . This is the first transaction consummated by New York- side Blackfin, an Arlington based multifamily operator. “Our firm has closely tracked Blackfin’s growth since its inception several years ago,” noted GMF’s chief investment NEW YORK, NY — Blue- ground announced its latest funding round totals $20 mil- lion and includes the participa- tion of prominent NYC-based entrepreneur Kevin Ryan , who will also join the company’s Board of Directors. Blueground has raised a total of $28 million to date and counts well-estab- lished venture capital funds VentureFriends, Endeavor Catalyst and Jabbar Internet Group among its investors.
Virginia Beach market and create a welcoming community for our residents by addressing deferred maintenance issues and enhancing amenity and unit finishes.” successful ventures together.” Leslie Furst , Blackfin’s COO added, “The acquisition of Baker Crossing by Blackfin and GMF offers us the op- portunity to enter the vibrant Baker Crossing Blueground tops $28m in funding to expand network officer, Jeff Selinger . “We are thrilled to be partnering with a first class team so well posi- tioned to successfully execute our business plan. We expect this to be the first of many
Jay Haines, NAI Summit
growth potential. After meet- ing Alex and the team, I am convinced of the potential of Blueground and excited to be an investor and a member of the Board.” In the US, Blueground leases from property owners and management companies. The company typically leases nu- merous apartments before they hit the market, with a goal of holding them for many years, ensuring landlords steady cash flow and value-added financ- ing solutions that maximize a property’s annual yield. The company then offers the proper- ties with premium furnishings, high-speedWiFi, luxury linens, high-end gadgets and beautiful designs, to vetted renters for 30 days or longer. Once the online reservation is made, guests have access to ongoing support and information through the Blueground app, where they can arrange housekeeping, request maintenance, or even modify their stay by moving to another apartment in a new neighborhood or city under the same service agreement.
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Blueground interior unit
Blueground seeks to be an optimal choice for individual and business guests moving or traveling to a new city for a month, a year or even longer. “Renting an apartment can be a tedious and time-consuming process. You need to deal with a number of frustrating activi- ties, from filling out paperwork to furnishing the apartment. With Blueground the renting experience becomes efficient, streamlined and seamless. And for business guests, we’re pro- viding a more spacious, lower cost alternative to a hotel,” said Alex Chatzieleftheriou , CEO
and co-founder of Blueground. “This capital will move us closer to our goal of leasing 50,000 apartments globally within the next five years. It will also allow us to elevate the seam- less experience we’re providing landlords and guests, while cultivating a work environ- ment that attracts the best and brightest talent.” Ryan added: “Blueground provides a product that speaks to a human need in an increas- ingly mobile business world. The team has a clear vision of where they want to go, in a market with significant
Directory Shopping Centers.............................................5-13A Business Card Directory. .....................................18A Billboard Directory..............................................19A Organization Events Calendar..............................20A Owners, Developers & Managers............... Section B Best of 2018............................................... Section C www.marejournal.com
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