Source: Blue Heron
RALEIGH, NC - Blue Heron Asset Management announced, on behalf of its third fund, Blue Heron Real Estate Opportunity Fund III, that it has closed on the sale of the Indigo Apartments. Blue Heron was represented by NorthMarq in this transaction. The 489-unit, 2005-built multifamily community is in the Brier Creek/Research Triangle Park submarket between Raleigh and Durham, NC.
Blue Heron acquired Indigo 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. Thoughtful property management and property-wide enhancements led to strong resident satisfaction and retention throughout Blue Heron's ownership.
The transaction closed on October 12th, 2021, at a price of $121.9 million, resulting in 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.
"Our experience at Indigo is a testament to developing solid business plans, executing, creating partnerships, and operating in vibrant growing markets. We couldn't be prouder of our team that delivered exceptional results at the property for our residents and investors," said Michael Eubanks, a partner at Blue Heron. "We want to express our deepest gratitude to everyone we worked with along the way who had a hand in this successful outcome."