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Blue Heron Sells Raleigh-Durham Apartments for Company Record of $122M
Blue Heron Real Estate Opportunity Fund III has closed on the sale of the Indigo Apartments, a 489-unit, 2005-built multifamily in the Brier Creek/Research Triangle Park submarket of Morrisville between Raleigh and Durham, NC.
According to Blue Heron, the transaction closing price of $121.9 million is the largest realization in Blue Heron’s history; the largest single-property, conventional multifamily transaction in North Carolina so far in 2021; and the largest in Raleigh-Durham ever-to-date.
NorthMarq represented Blue Heron in the transaction
Blue Heron acquired Indigo Apartments in December 2018 in an off-market transaction, and, shortly after taking ownership of the property, commenced a community enhancement plan that included the renovation of apartment interiors and an expansion and upgrading of the common area amenity spaces.
“Our experience at Indigo is a testament to developing solid business plans, executing, creating partnerships, and operating in vibrant growing markets,” said Michael Eubanks, a partner at Blue Heron.
- ◦Sale/Acquisition
