Blue Heron Kicks Off 269-Unit Raleigh Project
A $68 million loan is backing this development.
Blue Heron Asset Management has started construction on Rosewood, a 269-unit, two-building luxury project in Raleigh, N.C. Cline Design serves as architect of record, while also providing interior design, land planning and landscape architecture services. The developer expects to reach completion in 2028.
Canada-based QuadReal Property Group originated a $68 million note with a maturity date set for 2029, according to Wake County public records. The developer closed on the $12.9 million land acquisition in early 2026.
The development team also includes general contractor W.M. Jordan Co., Withers Ravenel as civil engineer and EM Structural as structural engineer.
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Rosewood will total 399,000 square feet at 611 W. South St. It will be in one of the city’s growing urban hubs, between the historic Boylan Heights neighborhood, the Warehouse District and the 300-acre Dix Park, currently undergoing a long-term transformation. The community will be less than 1 mile from Raleigh Union Station and will be close to Interstate 40, linking it to the wider Research Triangle area. Raleigh-Durham International Airport is 13 miles away.
The unit mix will include one- to three-bedroom floorplans, ranging from 499 to 1,531 square feet. Apartments will have both indoor and outdoor spaces, while select units are slated to feature private terraces overlooking the amenity deck. Common-area amenities are expected to comprise coworking spaces, a sauna with a cold plunge, a rooftop lounge, a terrace, a swimming pool, a central public plaza and 257 parking spots. Rosewood will also have 5,500 square feet of retail space and a speakeasy in one of the buildings.
New supply continues in Raleigh-Durham
The Raleigh-Durham multifamily sector is showing relatively softer fundamentals as new supply continued to hit the market, according to a recent Yardi Matrix report. As of April 2026, the metro had 9,856 units underway, with upscale projects representing 78 percent of the area’s multifamily construction pipeline.
However, deliveries are all but sure to decelerate soon. Metro area construction starts declined a strong 62 percent, with developers breaking ground on 1,612 units during the first two quarters of 2026, well below the 4,238 apartments recorded during the same period of 2025.
While there’s little ongoing multifamily development in the immediate area of the upcoming Rosewood, there is one notable project less than 1 mile away. Just south of Raleigh Union Station, Kane Residential is developing Oldham & Worth, a 252-unit market-rate rental project, the developer’s second such community in the neighborhood, right next to its recently completed Platform Apartments.
Elsewhere in the area, Vara Trinity Park, a 267-unit property underway in one of Durham, N.C.’s historic neighborhoods, is a recent addition to the metro’s pipeline. The Spectrum Cos. is the developer behind the three-building community.
