SAN MATEO, Calif.–(BUSINESS WIRE)–Clarion Companions Actual Property Earnings Fund Inc. (CPREIF), in partnership with Blackfin Actual Property Traders, has acquired Mosaic at Largo Station, a four-story, 242-unit, mid-rise multifamily neighborhood situated in Largo, MD within the Washington, D.C. metro space. Clarion Companions, LLC (“Clarion Companions”), a number one U.S. actual property funding supervisor, is one in all Franklin Templeton’s specialist funding managers.
Largo, MD is a residential suburb with its personal Metro station. It’s adjoining to the Capital Beltway (I-495), offering quick access to downtown D.C. (roughly 14 miles away) in addition to Crystal Metropolis, the house of Amazon’s second headquarters in Arlington, VA (roughly 19 miles away). Situated half a mile from Mosaic, the College of Maryland Medical System’s new $645 million, 259-bed regional hospital and medical heart is scheduled to open subsequent month.
“Our existence are altering dramatically, and rising tendencies within the methods we dwell, work and store are creating new alternatives in numerous areas of actual property. CPREIF seeks to supply present revenue and long-term capital appreciation by buying stabilized, well-leased, money flow-producing properties in markets with favorable progress prospects in addition to publicity to completely different geographic areas and property sectors,” mentioned Clarion Companions Managing Director Rick Schaupp. “We consider this property within the coronary heart of Prince George’s County is emblematic of those societal shifts, given its proximity to a walkable metro station, new hospital and amenity retail.”
Mosaic’s facilities embody an outside swimming pool, devoted grilling space, a canine park and a newly renovated class A+ two-story clubhouse with recreation room. The models function 9’ to 12’ ceiling heights, maple cupboards, stainless-steel home equipment and kitchen islands with granite counter tops.
“We’re thrilled to increase our partnership with Clarion Companions,” mentioned Andrew Buchanan, Co-Founder and Managing Accomplice of Blackfin Actual Property Traders. “Mosaic is an especially well-built asset in a wonderful, transit-oriented location that’s poised to profit from the brand new state-of-the-art hospital heart.”
Eastdil Secured, an actual property funding banking firm, represented the vendor within the sale of Mosaic at Largo Station and organized acquisition financing for the enterprise.
CPREIF is a non-diversified, closed-end administration funding firm that repeatedly gives its widespread inventory. The fund’s funding supervisor, Legg Mason Companions Fund Advisor, LLC is an oblique, wholly owned subsidiary of Franklin Assets, Inc. (“Franklin Assets”) and the fund’s funding sub-adviser, Clarion Companions, is an oblique, majority-owned subsidiary of Franklin Assets. As well as, the fund’s securities sub-adviser, Western Asset Administration, is also an oblique wholly owned subsidiary of Franklin Assets. Arduous copies of the fund’s full audited monetary statements can be found freed from cost upon request. Extra details about CPREIF is out there here.
About Clarion Companions
For practically 4 many years, Clarion Companions has managed actual property on behalf of lots of the world’s largest and most well-known institutional buyers. By means of CPREIF, particular person buyers can faucet into Clarion’s experience and observe document. Clarion funds geared towards people are managed in the identical disciplined method as its institutional belongings, and with the identical give attention to creating worth by excellent execution.
Headquartered in New York, Clarion Companions maintains strategically situated workplaces throughout the US and Europe. With over $59 billion in whole actual property and debt belongings underneath administration, Clarion Companions gives a broad vary of actual property methods throughout the danger/return spectrum to its greater than 500 institutional buyers throughout the globe. Extra details about the agency is out there at www.clarionpartners.com.
About Franklin Templeton
Franklin Assets [NYSE:BEN] is a world funding administration group with subsidiaries working as Franklin Templeton and serving shoppers in over 165 international locations. Franklin Templeton’s mission is to assist shoppers obtain higher outcomes by funding administration experience, wealth administration and expertise options. By means of its specialist funding managers, the corporate brings in depth capabilities in fairness, fastened revenue, options and customized multi-asset options. With workplaces in additional than 30 international locations and roughly 1,300 funding professionals, the California-based firm has over 70 years of funding expertise and roughly $1.5 trillion in belongings underneath administration as of March 31, 2021. For extra data, please go to franklintempleton.com and observe us on LinkedIn, Twitter and Facebook.
About Blackfin Actual Property Traders
Blackfin Actual Property Traders is concentrated on buying and repositioning multifamily properties from Boston to the Carolinas. Its expertise inside actual property spans the spectrum of actual property funding administration, capital renovations, property operations, finance and accounting. Founders Andy Buchanan and Doug Root have greater than 30 years of mixed expertise working for institutional-quality condominium acquisition, improvement and administration corporations. Blackfin has acquired over 6,000 models since its formation in August 2016 and has roughly $1 billion of belongings underneath administration. For extra data, go to www.blackfinrei.com or contact Doug Root (703-778-7641 or firstname.lastname@example.org).
The Fund is newly organized, with a restricted historical past of operations. An funding within the Fund includes a substantial quantity of threat. The Fund is designed primarily for long-term buyers, and an funding within the Fund must be thought of illiquid. Shareholders might not be capable of promote their shares within the Fund in any respect or at a good value. Mounted revenue securities contain rate of interest, credit score, inflation and reinvestment dangers. As rates of interest rise, the worth of fastened revenue securities fall. Excessive-yield bonds possess larger value volatility, illiquidity and chance of default. The Fund’s investments are extremely concentrated in actual property investments, and due to this fact can be topic to the dangers usually related to actual property, together with however not restricted to native, state, nationwide or worldwide financial situations; together with market disruptions brought on by regional considerations, political upheaval, sovereign debt crises and different components. Asset-backed, mortgage-backed or mortgage-related securities are topic to prepayment and extension dangers. The Fund and/or its subsidiaries make use of leverage, which will increase the volatility of funding returns and topics the Fund to magnified losses if an underlying fund’s investments decline in worth. The Fund might use derivatives, comparable to choices and futures, which will be illiquid, might disproportionately enhance losses, and have a probably giant influence on Fund efficiency.
The Fund must be considered as a long-term funding, as it’s inherently illiquid and appropriate just for buyers who can bear the dangers related to the restricted liquidity of the Fund. Restricted liquidity is supplied to shareholders solely by the Fund’s quarterly repurchase gives for not more than 5% of the Fund’s shares excellent at internet asset worth. There isn’t a assure these repurchases will happen as scheduled, or in any respect. Shares is not going to be listed on a public alternate, and no secondary market is predicted to develop.
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