Clarion Partners Real Estate Income Fund Inc. (CPREIF) and Blackfin Real Estate Investors Acquire Multifamily Community Near Washington, D.C.
SAN MATEO, California – (BUSINESS WIRE) – Clarion Partners Real Estate Income Fund Inc. (CPREIF), in partnership with Blackfin Real Estate Investors, has acquired Mosaic at Largo Station, a four-story, mid-height, 242-unit apartment complex in Largo, MD in the greater Washington, DC area. Clarion Partners, LLC (“Clarion Partners”), a leading US real estate investment manager, is one of Franklin Templeton’s specialist investment managers.
Largo, MD is a residential suburb with its own metro station. It is adjacent to the Capital Beltway (I-495) and provides easy access to downtown DC (approximately 14 miles away) and Crystal City, home of Amazon’s second headquarters in Arlington, VA (approximately 30 km away). The University of Maryland Medical System’s new regional hospital and medical center, valued at $ 645 million and with 259 beds, is slated to open next month, a half-mile from Mosaic.
“Our lifestyles are changing dramatically and new trends in the way we live, work and shop are creating new opportunities in different areas of the real estate industry. CPREIF strives to generate ongoing income and long-term capital growth through the purchase of stable, well-let, cash flow producing properties in markets with favorable growth prospects and exposure to various geographic regions and real estate sectors, ”said Rick., Managing Director of Clarion Partners Schaupp. “We believe this property in the heart of Prince George’s County is emblematic of these social changes as it is close to a walking subway station, new hospital and retail store.”
Mosaic amenities include an outdoor pool, a dedicated BBQ area, a dog park, and a newly renovated two-story A + class clubhouse with games room. Units have 9 ‘to 12’ ceiling heights, maple cabinets, stainless steel appliances, and kitchen islands with granite countertops.
“We are very excited to expand our partnership with Clarion Partners,” said Andrew Buchanan, Co-Founder and Managing Partner of Blackfin Real Estate Investors. “Mosaic is an extremely well-built facility in an excellent, transit-oriented location that will benefit from the new state-of-the-art hospital center.”
Eastdil Secured, a real estate investment banking firm, represented the seller in the sale of Mosaic at Largo Station and arranged acquisition finance for the company.
CPREIF is a non-diversified, closed-ended management investment company that continuously offers its common stock. The Fund’s investment manager, Legg Mason Partners Fund Advisor, LLC, is an indirect wholly-owned subsidiary of Franklin Resources, Inc. (“Franklin Resources”) and the Fund’s investment sub-advisor, Clarion Partners, is an indirect, majority-owned subsidiary of Franklin Resources. In addition, the Fund’s securities sub-advisor, Western Asset Management, is an indirect wholly-owned subsidiary of Franklin Resources. Hard copies of the full audited financial statements of the Fund are available free of charge upon request. Further information on CPREIF can be found here.
About Clarion partners
Clarion Partners has managed real estate on behalf of many of the world’s largest and best-known institutional investors for nearly four decades. Through CPREIF, private investors can benefit from Clarion’s expertise and track record. Clarion’s private-equity funds are as disciplined as their institutional assets and with the same focus on creating value through excellence.
Clarion Partners is headquartered in New York and has strategic offices in the United States and Europe. With over $ 59 billion in real estate and debt under management, Clarion Partners offers a broad range of real estate strategies across the risk-return spectrum to more than 500 institutional investors around the world. You can find more information about the firm at www.clarionpartners.com.
About Franklin Templeton
Franklin resources [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. Franklin Templeton’s mission is to help clients achieve better results through investment management expertise, asset management and technology solutions. Through its specialist investment managers, the company brings extensive skills in equities, fixed income, alternatives and bespoke multi-asset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has more than 70 years of investment experience and has approximately $ 1.5 trillion in assets as of March 31, 2021. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.
About Blackfin Real Estate Investors
Blackfin Real Estate Investors is focused on the acquisition and repositioning of apartment buildings from Boston to the Carolinas. His experience in the real estate sector spans the spectrum of real estate investment management, capital redevelopment, real estate operations, finance and accounting. Founders Andy Buchanan and Doug Root have combined experience of more than 30 years working for institutional home purchase, development and management companies. Blackfin has acquired over 6,000 units since its inception in August 2016 and manages approximately $ 1 billion in assets. For more information, visit www.blackfinrei.com or contact Doug Root (703-778-7641 or [email protected]).
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