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).
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