DivcoWest and Blackfin acquire multifamily community in North Carolina

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, N.C.

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.

The acquisition is the second joint venture between DivcoWest and Blackfin, and it adds to Blackfin’s significant multifamily 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, head of investments for the Mid-Atlantic and Southeast region at DivcoWest. “We believe The Proper offers a tremendous opportu