Suburban Raleigh-Durham Rental Building Sold for $41M

In a deal brokered by HFF, The Village at Marquee Station, a 265-unit apartment community located in Fuquay-Varina, changed hands for $41.5 million.

Fuquay-Varina, N.C.–Chapel Hill real estate firm Blue Heron Asset Management has sold the Village at Marquee Station apartment community to Starlight U.S. Multi-Family Core Fund, a U.S. affiliate of Toronto-based Starlight Investments.

The Village at Marquee Station

The Village at Marquee Station in Fuquay-Varina

The 265-unit property, which is located in the Raleigh-Durham suburb of Fuquay-Varina, sold for $41.5 million or approximately $156,600 per unit.

The Village at Marquee Station, which has units averaging 996 square feet, was developed by Blue Heron in phases in 2013 and 2014 and built by Clancy and Theys Construction.  The NAHB Green-certified property features numerous eco-conscious enhancements, including primarily brick and polished masonry facades, irrigation wells, high-efficiency windows and HVAC units, as well as energy-efficient LED lighting.  The community also offers a wide range of amenities, such as a saltwater swimming pool with cabana, poolside grilling, fitness center, clubhouse, gaming lounge and media studio; resident lounge with billiards, pet grooming salon, car care center, and detached garages.

The HFF investment sales team representing the property’s seller and developer was led by Allan Lynch and Justin Good.

The Village at Marquee Station is part of the Marquee Station mixed-use development located at 2110 Cinema Drive just off US 401, one of southern Wake County’s most traveled corridors.  The property offers convenient access to US 64, US 1, downtown Raleigh and Holly Springs, and is proximate to the future extension of Highway 540 and many of the Raleigh-Durham metropolitan area’s major employers.

“This transaction represents the successful culmination of a collaborative, multi-year effort among members of the development team,” stated Maurice Malfatti, Blue Heron co-founder & managing principal.  “As a firm, an important piece of our mission is to be proud of the developments we create – for our community, our staff, our service providers and our investors.  We are very proud of what our entire team has accomplished at Marquee Station.”

“Completed in phases between 2013 and 2014, Marquee Station has maintained occupancy in the mid-90 percent range and has experienced consistent rent growth since stabilizing in early 2015,” added Lynch.

Image courtesy of Blue Heron Asset Management