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.

About CPREIF

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]).

Investment Risks

The fund is reorganized and has a limited operational history. An investment in the Fund involves considerable risk. The Fund is intended primarily for long-term investors and an investment in the Fund should be considered illiquid. Unitholders may not be able to sell their units in the Fund or may not be able to sell them at a favorable price. Fixed income securities involve interest rate, credit, inflation and reinvestment risks. As interest rates rise, the value of fixed income securities decreases. High-yield bonds have higher price volatility, illiquidity and the probability of default. The Fund’s investments have a strong real estate investment focus and are therefore subject to the risks typically associated with real estate, including, but not limited to, local, state, national or international economic conditions; including market disruptions due to regional concerns, political unrest, sovereign debt crises, and other factors. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. The Fund and / or its subsidiaries use leverage which increases the volatility of investment returns and exposes the Fund to increased losses if an underlying fund’s investments decline in value. The Fund may use derivatives such as options and futures, which can be illiquid, increase losses disproportionately and potentially have a significant impact on the Fund’s performance.

Liquidity considerations

The Fund should be viewed as a long-term investment as it is inherently illiquid and only suitable for investors who can accept the risks associated with the limited liquidity of the Fund. Limited liquidity will only be made available to Shareholders through the Fund’s quarterly repurchase offers for no more than 5% of the Fund’s Shares outstanding at Net Asset Value. There is no guarantee that these buybacks will go as planned or at all. The shares will not be listed on any public exchange and no secondary market is expected to develop.

Before investing, carefully consider a fund’s investment objectives, risks, fees and expenses. This and other information can be found in each prospectus or in the summary prospectus, if available, at www.leggmason.com. Please read it carefully.

All investments involve risk, including loss of capital. Past performance is no guarantee of future results. All information, statements or opinions contained herein are general in nature, are not directed to or based on the financial situation or needs of any particular investor, and do not constitute investment advice or forecast future events and should not be construed as such, a guarantee of future results or a recommendation regarding a particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in securities or investment strategies should consult their financial professional.

INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | CAN LOSE VALUE

© 2021 Legg Mason Investor Services, LLC, member FINRA, SIPC. Legg Mason Investor Services is a subsidiary of Franklin Resources, Inc.

TN21-036