Background

In 2015 Blue Heron secured an opportunity to invest as co-GP in the development of a well-located, 228-unit apartment community within a mixed-use planned development in Frederick, MD. The developer is a group with whom Blue Heron has invested in the past (REALM Patterson Place in Durham, NC; Fund I).

Achievements

  • Closing on the land occurred in November of 2015 and construction commenced shortly thereafter

  • The first apartments were delivered in early 2017, and stabilization occurred in 2017

  • The developers received an award by Delta Associates for the fastest lease-up pace in suburban Maryland in 2017

  • Sale of the asset occurred August 2018