CHARLOTTE, NC – Holliday Fenoglio Fowler (HFF) announced that it has closed the sale of The Village at Marquee Station, a 265-unit, Class A, garden-style apartment community located in the Raleigh-Durham suburb of Fuquay-Varina, North Carolina.
HFF represented the seller/developer, Chapel Hill, North Carolina-based Blue Heron Asset Management, LLC (“Blue Heron”), in the transaction. Starlight U.S. Multi-Family Core Fund, an asset managed by Toronto, Canada-based Starlight Investments Ltd., purchased the community for $41.5 million free and clear of existing debt.
The Village at Marquee Station is part of the Marquee Station mixed-use development located at 2110 Cinema Drive just off US 401, one of southern Wake County’s most traveled corridors. The property offers convenient access to US 64, US 1, downtown Raleigh and Holly Springs, and is proximate to the future extension of Highway 540 and many of the Raleigh-Durham metropolitan area’s major employers.
The Village at Marquee Station, which has units averaging 996 square feet, was developed by Blue Heron and built by Clancy and Theys Construction. The NAHB Green-certified property features numerous eco-conscious enhancements, including primarily brick and polished masonry facades, irrigation wells, high-efficiency windows and HVAC units, and energy-efficient LED lighting. The community features a saltwater swimming pool with cabana; poolside grilling; fitness center; clubhouse; gaming lounge and media studio; resident lounge with billiards; pet grooming salon; car care center; and detached garages.
The HFF investment sales team representing the seller was led by Allan Lynch and Justin Good.
“This transaction represents the successful culmination of a collaborative, multi-year effort among members of the development team,” stated Maurice Malfatti, Blue Heron co-founder and managing principal. “As a firm, an important piece of our mission is to be proud of the developments we create - for our community, our staff, our service providers and our investors. We are very proud of what our entire team has accomplished at Marquee Station.”
“Completed in phases between 2013 and 2014, Marquee Station has maintained occupancy in the mid-90 percent range and has experienced consistent rent growth since stabilizing in early 2015,” added Lynch.