Blue Heron Buys Historic Boylan Apts. in Raleigh for $6.3M
- Apr 23, 2015
by Adriana Pop, Associate Editor
In a $6.3 million deal, an affiliate of Blue Heron Asset Management LLC acquired the historic Boylan Apartments at the corner of Hillsborough Street and Boylan Avenue near downtown Raleigh.
The seller of the 55-unit boutique multifamily community at 817 Hillsborough St. was Historic Boylan Apartments LLC. According to the Triangle Business Journal, the entity, which is led by Raleigh lawyer Ronald Dorrestein, purchased the property in 2011 from the Joyner Realty Co. for an undisclosed amount.
Located on a 1.3-acre site in the flourishing Glenwood South neighborhood, the community comprises three low-rise brick colonial revival-style buildings. It was constructed in 1935 and renovated in 1970 and 2007. Amenities include a landscaped courtyard, outdoor grilling station, on-site laundry and bicycle racks.
The sale was brokered by Allan Lynch and Justin Good of Cushman & Wakefield/Thalhimer’s capital markets group in Raleigh.
Blue Heron now plans to refurbish the units with modern interior upgrades.
The company’s other properties/projects in the Triangle include Marquee Station, a mixed-use 265-unit apartment community in Fuquay Varina; Mason at Apex, a 92-acre parcel in Apex slated for mixed-use residential development; the 398-unit UNC-Chapel Hill student family housing development; and a 322-unit, garden-style apartment community in Durham.
Photo credits: Cushman & Wakefield/Thalhimer