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Blue Heron Flies Off with $78M Sale of Downtown Durham Multifam
An affiliate of Raleigh, NC-based Blue Heron Asset Management has sold Foster on the Park, 164-unit mixed-use multifamily property in the Central Park district of downtown Durham, for $78.3 million. According to Blue Heron, the $477,000 per-unit price is a record-setter for the Raleigh-Durham area. Stockbridge acquired the asset.
Northmarq‘s Allan Lynch, Jeff Glenn and Andrea Howard represented the seller/developer. The brokerage also represented Blue Heron in its $121.9-million sale of the Indigo Apartments in Morrisville, NC in August 2021.
Foster on the Park is integrated in its 94-Walkscore urban environment with 2,141 square feet of ground-floor retail leased to local bottle shop, The Glass Jug. Residents can walk to numerous restaurant options, shop, and entertainment venues, including Durham’s Central Park, Durham Farmer’s Market and Durham Food Hall as well as the soon-to-be Google-anchored Durham Innovation District.
- ◦Sale/Acquisition
