Partners plan to reposition The Proper, broadening appeal to renters
RALEIGH, N.C. – August 19, 2021 – A partnership between DivcoWest and Blackfin Real Estate Investors has completed the purchase of The Proper, a 384-unit residential community located at 403 Wolf Creek Circle in Raleigh, North Carolina. Built as high-end student housing, the partnership plans to invest heavily in The Proper to create a vibrant lifestyle experience that appeals to apartment renters seeking a well-located and amenity-rich place to live in the Raleigh metro.
The acquisition is the second joint venture between DivcoWest and Blackfin, and adds to Blackfin’s significant multi-family presence in the North Carolina market.
“We consider the Research Triangle market to be a premier center for innovation and are thrilled to expand in another key U.S. market,” said Ryan Friend, DivcoWest Head of Investments for the Mid-Atlantic and Southeast region. “We believe The Proper offers a tremendous opportunity to reposition a high-quality multifamily asset in an area that has shown strong and diverse demand. We look forward to working together with Blackfin to deliver a place that speaks to today’s experience-driven renters.”
Blackfin Co-Founder and Managing Partner, Andrew Buchanan, stated “We are excited to strengthen our relationship with DivcoWest and plant our flag together in the Raleigh market. We expect that the planned upgrades will bolster the property’s competitive position within the submarket.”
The Proper was completed in 2001 and offers a range of two-, three- and four- bedroom apartments in a highly-amenitized community setting. In addition to a large outdoor, resort-style pool, residents have access to a yoga studio, two fitness rooms including a weight room and cardio studio, sand volleyball and a basketball court.
Founded in 1993 by Stuart Shiff, DivcoWest is a vertically-integrated, real estate investment firm headquartered in San Francisco, with offices in New York, Boston, Washington DC, Los Angeles, Menlo Park, and Austin, TX. Known for long-standing relationships and experience across the risk-spectrum in innovation markets, DivcoWest combines entrepreneurial spirit with an institutional approach to deliver real estate solutions and opportunities. Since inception, DivcoWest and its predecessor have acquired nearly 50 million square feet of commercial space – primarily throughout the United States. DivcoWest’s real estate portfolio currently includes existing and development properties in the office, R&D, lab, industrial, hospitality, retail and multifamily spaces. www.divcowest.com