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Sign in Sign up for a FREE subscriptionBlue Heron fund sells $122m Raleigh-Durham apartments
Blue Heron Real Estate Opportunity Fund III, a fund managed by Blue Heron Asset Management, has closed on the sale of the Indigo Apartments. The sales price was $121.9 million, resulting in the largest realization in Blue Heron's history; the largest single-property, conventional multifamily transaction in North Carolina so far in 2021; and the largest-ever apartment transaction in Raleigh-Durham to-date.
The new owner was not disclosed.
The 489-unit, 2005-built multifamily community is in the Brier Creek/Research Triangle Park submarket between Raleigh, N.C., and Durham, N.C.
Blue Heron acquired Indigo in December 2018 in an off-market transaction, and, shortly after taking ownership of the property, commenced a community enhancement plan that included the renovation of apartment interiors and an expansion and upgrading of the common area amenity spaces. Thoughtful property management and property-wide enhancements led to strong resident satisfaction and retent
