A joint venture between DivcoWest and Blackfin Real Estate Investors has acquired a $60m (€50.5m) multifamily housing community in the southeastern US.

The partnership said it has completed the acquisition of The Proper, a 384-unit residential community located at 403 Wolf Creek Circle in Raleigh, North Carolina, without disclosing any financial details.

According to people familiar with the matter, the sale price of the asset was $59.1m.

The Proper was built in 2001 as high-end student housing and the partnership plans to invest in the asset to create a vibrant lifestyle experience that appeals to apartment renters.

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.

Ryan Friend, DivcoWest head of investments for the Mid-Atlantic and Southeast region, said: “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’s co-founder and managing partner, Andrew Buchanan, said: “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.”

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