The Washington Business Journal's Daniel J. Sernovitz looks at the formation of Blackfin Real Estate Investors, a new venture founded by two multifamily veterans from dueling firms in the D.C. region.
Longtime competitors Andy Buchanan, who was president of Kettler, and Doug Root, a former managing investor of investments for Greystar, have joined forces on the venture, which looks for acquisition–rehab opportunities up and down the East Coast from Boston to the Carolinas.
The venture pairs Buchanan's experience running one of the D.C. region's most successful multifamily developers, helping Kettler recover and rebuild from the depths of the Great Recession, with Root's background in helping Greystar acquire roughly $1.2 billion in local properties since joining the firm from Invesco Real Estate in 2011.
It's already chasing four deals outside of the D.C. area with backing from separate investor groups. The new venture aims to ink one or two deals in the $10 million to $40 million range by the end of the year, with another three to five next year.