Blue Heron identified an opportunity to develop a +/- 330 unit multifamily project in downtown Nashville through a relationship with an alumni of the UNC Kenan-Flagler MBA program, a group with whom Blue Heron has strong ties. The property is located on a major north-south corridor, two miles from the CBD, within the popular Germantown/Buena Vista area.
Blue Heron identified this opportunity through a pre-existing relationship with the ownership group. Esplanade is a well-located office property situated in one of Charlotte NC’s best submarkets, SouthPark. The area is distinguished by a mixed-use urban environment, specialty retail, strong demographics, and location 5 miles south of Uptown in Charlotte.
As the initial investment for Blue Heron's Fund 2, in April 2015 Blue Heron acquired this 55 unit apartment project on Hillsborough St. in downtown Raleigh, NC, within walking distance of the Raleigh CBD and Warehouse District.
Foster on the park
Blue Heron identified the demand for urban residential living in the rapidly-developing and dynamic downtown Durham sub-market and acquired a prime one acre urban infill site at competitive basis. The site abuts Durham’s Central Park, overlooks the Durham Farmers’ Market, and is adjacent to the 1.7M+ sq.ft proposed Innovation District which is currently under construction. Durham continues to see a revitalization and redevelopment of its downtown, with numerous new apartments, hotels, restaurants, bars, craft breweries, shops, art galleries, and yoga, dance, and fitness studios in the immediate neighborhood.
In 2015 Blue Heron secured an opportunity to co-invest in the development of a well-located, 228-unit apartment community within a mixed-use planned development in Frederick, MD. The developer of the community, Bainbridge Companies, is a group with whom Blue Heron has invested in the past (REALM Patterson Place in Durham, NC; Fund I).
Through a local relationship, Blue Heron identified an off-market opportunity to recapitalize and restructure the ownership of a 229 unit Class-A multifamily property with 10,000 sq.ft. of ground-floor retail at a below replacement cost basis. The property is located in Durham on Ninth Street (Duke University's main retail street) and is within walking distance of Duke University, Duke Medical Center, Whole Foods, Harris Teeter, numerous restaurants, shops, and other urban amenities including local gyms, parks, bars, and entertainment venues.