Chapel Hill group sells new apartments in Fuquay-Varina for $41.5 million

Chapel Hill real estate firm Blue Heron Asset Management has sold for $41.5 million the Village at Marquee Station apartment community that it built in phases in 2013 and 2014 in Fuquay-Varina.

The buyer is a U.S. affiliate of Toronto-based Starlight Investments, which purchased the property free and clear of existing debt, according to a news release about the deal. The 265-unit property sold at a price that averaged around $156,600 per unit.

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Source: Triangle Business Journal

Developer plans 330-unit Gateway Germantown apartments

A North Carolina-based commercial real estate firm has paid $5.3 million for 3.26 acres on Rosa L. Parks Boulevard with plans for its first Nashville-area apartments.

Blue Heron Asset Management is partnering with Nashville-based real estate developer Imagine1 Co. on the project that’s tentatively named “Gateway Germantown.”

Plans call for 330 multifamily units plus 5,800 square feet of retail space. The Gateway Germantown building is expected to rise six stories at the corner of Rosa L. Parks and Garfield Street, five stories elsewhere along Rosa L. Parks and three stories farther down Garfield.

Maurice Malfatti, Blue Heron’s managing principal, said the developer had closely monitored Nashville for several years.

“We believe that the region’s economic drivers that have produced job and population growth that is among the top in the nation provides us with a solid foundation for a successful project,” Malfatti said. “We believe that this location, with proximity to the central business district, Germantown restaurants and shops, Interstate 65 and MetroCenter, will offer great access to neighborhood amenities to the future residents of our apartments.”

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Source: The Tennessean

Apartment building slated for Germantown-area site

Raleigh-based real estate firm Blue Heron Asset Management and Nashville-based development company Imagine1 Co. announced Tuesday afternoon plans for a mixed-use project to be located on Rosa L. Parks Boulevard in North Nashville’s Historic Buena Vista and near the fast-changing Germantown.

To be called Gateway Germantown and sit on 3.26 acres, the seven-story building will offer 330 apartment units and 5,800 square feet of retail space. The address is 1703 Rosa L. Parks Blvd. (see here courtesy of Google Maps), with Salemtown sitting to the east across the boulevard and Germantown within a few blocks to the southeast.

According to a release, Blue Heron and Imagine1 were to have closed on the acquisition of the property on Tuesday. The team is not disclosing the purchase price.

Gateway Germantown will be Blue Heron’s first Nashville project. the company has developed buildings including apartments, student housing, retail and office space in North Carolina (Raleigh-Durham-Chapel Hill and Charlotte) and suburban Washington, DC.

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Source: Nashville Post

Legacy Wealth and Real Estate

The U.S. commercial real estate market is the third largest asset class in America at more than $17 trillion, trailing only U.S. bonds ($40 trillion) and U.S. equities ($30 trillion). As a result, the asset class has become a staple in institutional portfolios, accounting for roughly 8 percent of total holdings. Family offices typically have an even larger allocation, as direct real estate constitutes 12 percent of the average investment portfolio. Yet, the strategies that drive family office investments often diverge from that of larger institutional stakeholders. For instance, family office portfolios…

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Source: Institutional Real Estate, Inc