Riverpoint Partners Buys Raleigh Property for $11M

The firm has expanded its footprint with the acquisition of a 56-unit, boutique community located within less than 1 mile of the city’s downtown.
Historic Boylan Apartments. Image courtesy of JLL

Riverpoint Partners has acquired Historic Boylan, a 56-unit, boutique-style property in Raleigh, N.C., for $10.6 million. JLL arranged the sale on behalf of the seller, Blue Heron Asset Management. The sale was subject to a $7.6 million Fannie Mae loan secured by Newmark Knight Frank, according to Yardi Matrix. The property traded free of existing loans.

Situated at 817 Hillsborough St., Historic Boylan is near Freeway 401, within less than 1 mile of downtown Raleigh and around 1.5 miles southeast of North Carolina University. Additionally, the community is situated adjacent to bus stops on Hillsborough and St. Marys Sreets. 

Constructed in 1935, the three-building community occupies 1.1 acres and encompasses a mix of one- and two-bedroom units, averaging 714 square feet. The community kept its historic architectural features, such as the original oak flooring, paneled doors with vintage hardware, steel casement windows with deep windowsills and porcelain cast iron tubs. Property amenities include a courtyard with brick patio, a grilling pavilion and on-site laundry facilities.

JLL Capital Markets’ team included Senior Director Allan Lynch, Managing Director Jeff Glenn, Director Caylor Mark and Managing Director Justin Good. At the beginning of 2019, JLL’s Capital Markets team completed the $200 million sale of a two-tower historic community in Charlotte, N.C.