CHARLOTTE, N.C., August 7, 2019 – JLL announces it has closed the $10.6 million sale of Historic Boylan, a 56-unit, boutique apartment community in Raleigh, North Carolina.

JLL marketed the property on behalf of the seller, Blue Heron Real Estate Opportunity Fund II, LP, managed by Raleigh-based Blue Heron Asset Management, LLC (“Blue Heron”). Denver-based Riverpoint Partners purchased the offering free and clear of existing financing.

Historic Boylan is located at 817 Hillsborough Street approximately 1.5 miles southeast of North Carolina State University in downtown Raleigh.  Originally constructed in 1935, the property has retained many of its unique architectural features over the years, including the original oak flooring, paneled doors with vintage hardware, steel casement windows with deep window sills and porcelain cast iron tubs. Units include a mix of one- and two-bedroom layouts averaging 714 square feet.  The brick-clad, colonial revival building also features an expansive courtyard with brick patio and locally designed lounge furniture, grilling pavilion, on-site laundry facilities and high walkability around downtown Raleigh, the Warehouse District and Glenwood South. The property has maintained a consistent occupancy rate of 98%.

“We are very proud of what our team at Blue Heron was able to accomplish at Historic Boylan,” stated Michael Eubanks, one of Blue Heron’s partners. “We are also thankful to our property management partners, Kane Residential, for their oversight of the property and renovation program, and to JLL for their great work on the sale.”

The JLL Capital Markets team representing the seller included Senior Director Allan Lynch, Managing Director Jeff Glenn, Director Caylor Mark and Managing Director Justin Good.

CHARLOTTE, NC – January 11, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $20.23 million in acquisition financing for The Linden, a newly developed, 162-unit, mixed-use apartment property with approximately 6,000 square feet of ground floor retail in Davidson, North Carolina.

The HFF team worked exclusively on behalf of Raleigh, North Carolina-based Blue Heron Asset Management, LLC to secure the Fannie Mae loan through M&T Realty Capital Corporation.

The Linden is ideally positioned in the highly desirable and supply-constrained Charlotte suburb of Davidson, which provides nearby access to Lake Norman and walkability to the shops and amenities of Downtown Davidson as well as Davidson College.  Additionally, the property is surrounded by several major economic drivers, including MSC Industrial Supply Company’s U.S. headquarters, Ingersoll Rand’s North American headquarters and Lowe’s global headquarters. Furthermore, the property will benefit from the soon-to-be-completed Interstate 77 infrastructure improvements, which will allow for direct access to all of Charlotte, including Uptown.  

Completed in 2016, The Linden consists of a mix of studio, one- and two-bedroom units along with more than 5,800 square feet of fully leased ground-floor retail.  Units feature open floor plans with modern finishes such as gourmet kitchens with granite countertops, European-style cabinetry, stainless steel appliances and wood-plank flooring.  Community amenities include a resort-style pool, grilling area, fire pit, state-of-the-art athletic club, clubroom, coffee bar, library, conference room and corporate suites. 

The HFF team representing the borrower consisted of senior director Roger Edwards. Loan origination by M&T Realty Capital Corporation was led by managing director Robert Ryan.