Blue Heron Sells North Carolina Apartments for $122M

This transaction sets a record for the Raleigh-Durham multifamily market.

Indigo Apartments. Image courtesy of Blue Herron Asset Management

Blue Heron Asset management has sold Indigo Apartments, a multifamily community in Morrisville, N.C., on behalf of its Blue Heron Real Estate Opportunity Fund III. 

The transaction closed for a price of $121.9 million. That figure represents the largest realization in the history of Blue Heron, the largest single-property conventional multifamily transaction in North Carolina in 2021 and largest ever in Raleigh-Durham.

Built in 2002, the 489-unit, two- and three-story community is situated at 100 Adelaide Circle in the Brier Creek-Research Triangle Park submarket. Having acquired the property in December 2018 in an off-market transaction, Blue Heron initiated a community enhancement program.

Upgraded interiors

This included renovating all unit interiors, as well as expanding and improving common-area amenity spaces. Occupancy stood at 97.3 percent at the time of the sale.

Units are divided between one-bedroom apartments, two-bedroom townhouses with two baths and two-bedroom townhouses with three baths. Features and finishes of units include private entries, high-speed Internet access, stainless steel appliances, wood-inspired plank flooring and wood-burning fireplaces in some residences.

The multifamily community is within easy commuting distance to Brier Creek Shopping Center, RDU International Airport and Research Triangle Park. Residents have quick access to I-70, I-540 and I-40. Nearby recreation includes Lake Crabtree County Park, William B. Umstead State Park, North Carolina Museum of Life and Science, Duke Gardens and Falls Lake State Recreation Area, all located within 21 minutes driving time.

Two months ago, an upscale 20-story mixed-use tower was announced to be in development in Raleigh. 

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