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.

DENVER, CO – January 22, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $47.175 million in financing for the development of Brickhouse at Lamar Station, a 293-unit, Class A apartment property in Lakewood, Colorado.

The HFF team worked exclusively on behalf of Riverpoint Partners and Iron River Management, LLC to secure the 15-year construction-to-permanent loan through a correspondent insurance company lender.  The loan includes three years of interest-only, which is followed by a 35-year amortization schedule.  The financing represents 65 percent of the anticipated total project costs and features the potential for additional loan proceeds upon stabilization.

Brickhouse at Lamar Station will be located on a 3.75-acre site at 6300 W. 13th Avenue within walking distance to the Lamar Station light rail stop.  The property will total four floors above ground and one level of underground parking.  Brickhouse at Lamar Station, which will consist of units averaging 748 square feet, is designed to include unparalleled amenities and finishes compared to existing properties in the area, including stainless steel appliances, granite and quartz countertops, washers and dryers, wood flooring, and balconies or patios.  Common area amenities include a swimming pool, two spacious interior courtyards, fire pits, grilling stations, a large community room, 24-hour fitness center, yoga studio, top-floor club room, business center and pet spa.  Completion is expected in mid-2020.

The HFF debt placement team representing the borrower consisted of managing director Josh Simon and director Kristian Lichtenfels.