Background
In 2011, Blue Heron acquired a 25.6 acre greenfield site along US-401 in Fuquay Varina, NC. The site was an optimal location to grow the limited stock of multifamily housing in the town and create a small mixed-use community.
Achievements
- Blue Heron master-planned the site, utilizing the majority of the acreage for the development of 265 class-A garden apartments with an urban flair, and the remaining outparcels for commercial use along US-401. The apartments were completed in February 2014, and Marquee Station quickly became a highly desirable place to live and an asset to the community.
- In March of 2014 the first retail store, ABC, opened its doors. Blue Heron continues to seek high quality retail and/or office users that bring synergies and help fulfill the mixed-use vision for Marquee Station.
- In August of 2014, six months after receiving the final certificate of occupancy, the Village at Marquee Station Apartments achieved stabilization at a rental rate that was 19% above proforma.
- Blue Heron sold the Marquee Station Apartments in February of 2016. Read more about this sale in the Triangle Business Journal article: Marquee Station Triangle Business Journal Article.
- Blue Heron is still actively marketing several commercial outparcels
