SAN MATEO, Calif.--(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, 242-unit, mid-rise multifamily community located in Largo, MD in the Washington, D.C. metro area. Clarion Partners, LLC (“Clarion Partners”), a leading U.S. 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’s adjacent to the Capital Beltway (I-495), providing easy access to downtown D.C. (approximately 14 miles away) as well as Crystal City, the home of Amazon’s second headquarters in Arlington, VA (approximately 19 miles away). Located half a mile from Mosaic, the University of Maryland Medical System’s new $645 million, 259-bed regional hospital and medical center is scheduled to open next month.
“Our lifestyles are changing dramatically, and emerging trends in the ways we live, work and shop are creating new opportunities in different areas of real estate. CPREIF seeks to provide current income and long-term capital appreciation by purchasing stabilized, well-leased, cash flow-producing properties in markets with favorable growth prospects as well as exposure to different geographic regions and property sectors,” said Clarion Partners Managing Director Rick Schaupp. “We believe this property in the heart of Prince George’s County is emblematic of these societal shifts, given its proximity to a walkable metro station, new hospital and amenity retail.”
Mosaic’s amenities include an outdoor swimming pool, dedicated grilling area, a dog park and a newly renovated class A+ two-story clubhouse with game room. The units feature 9’ to 12’ ceiling heights, maple cabinets, stainless steel appliances and kitchen islands with granite countertops.
“We are thrilled 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 asset in an excellent, transit-oriented location that’s poised to benefit from the new state-of-the-art hospital center.”
Eastdil Secured, a real estate investment banking company, represented the seller in the sale of Mosaic at Largo Station and arranged acquisition financing for the venture.
CPREIF is a non-diversified, closed-end 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-adviser, Clarion Partners, is an indirect, majority-owned subsidiary of Franklin Resources. In addition, the fund’s securities sub-adviser, Western Asset Management, also is an indirect wholly owned subsidiary of Franklin Resources. Hard copies of the fund’s complete audited financial statements are available free of charge upon request. More information about CPREIF is available here.
About Clarion Partners
For nearly four decades, Clarion Partners has managed real estate on behalf of many of the world’s largest and most well-known institutional investors. Through CPREIF, individual investors can tap into Clarion’s expertise and track record. Clarion funds geared toward individuals are managed in the same disciplined manner as its institutional assets, and with the same focus on creating value through superb execution.
Headquartered in New York, Clarion Partners maintains strategically located offices across the United States and Europe. With over $59 billion in total real estate and debt assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 500 institutional investors across the globe. More information about the firm is available 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 outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company brings extensive capabilities in equity, fixed income, alternatives and custom multi-asset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 70 years of investment experience and approximately $1.5 trillion in assets under management 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 acquiring and repositioning multifamily properties from Boston to the Carolinas. Its experience within real estate spans the spectrum of real estate investment management, capital renovations, property operations, finance and accounting. Founders Andy Buchanan and Doug Root have more than 30 years of combined experience working for institutional-quality apartment acquisition, development and management companies. Blackfin has acquired over 6,000 units since its formation in August 2016 and has approximately $1 billion of assets under management. For more information, visit www.blackfinrei.com or contact Doug Root (703-778-7641 or firstname.lastname@example.org).
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