JLL closes $10.6M sale of 56-unit apartment property in Raleigh

Historic apartment building is near North Carolina State University and Warehouse District

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Historic Boylan Apartments June 2017

JLL announces it has closed the $10.6 million sale of Historic Boylan, a 56-unit, boutique apartment community in Raleigh, North Carolina.

JLL marketed the property on behalf of the seller, Blue Heron Real Estate Opportunity Fund II, LP, managed by Raleigh-based Blue Heron Asset Management, LLC (“Blue Heron”). Denver-based Riverpoint Partners purchased the offering free and clear of existing financing.

Historic Boylan is located at 817 Hillsborough Street approximately 1.5 miles southeast of North Carolina State University in downtown Raleigh. Originally constructed in 1935, the property has retained many of its unique architectural features over the years, including the original oak flooring, paneled doors with vintage hardware, steel casement windows with deep window sills and porcelain cast iron tubs. Units include a mix of one- and two-bedroom layouts averaging 714 square feet. The brick-clad, colonial revival building also features an expansive courtyard with brick patio and locally designed lounge furniture, grilling pavilion, on-site laundry facilities and high walkability around downtown Raleigh, the Warehouse District and Glenwood South. The property has maintained a consistent occupancy rate of 98 percent.

“We are very proud of what our team at Blue Heron was able to accomplish at Historic Boylan,” stated Michael Eubanks, one of Blue Heron’s partners. “We are also thankful to our property management partners, Kane Residential, for their oversight of the property and renovation program, and to JLL for their great work on the sale.”

The JLL Capital Markets team representing the seller included Senior Director Allan Lynch, Managing Director Jeff Glenn, Director Caylor Mark and Managing Director Justin Good.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.


About Blue Heron Asset Management, LLC

Blue Heron Asset Management, based in Raleigh, North Carolina, is a private equity real estate investment management and development firm. Founded in 2011, the firm seeks to achieve superior risk-adjusted returns across well-balanced and actively-managed real estate portfolios, with a primary focus on value-add and opportunistic multifamily investments.

Blue Heron’s track record demonstrates a firm that is disciplined, focused, and committed to sound real estate fundamentals while serving as mindful and accountable stewards of the real estate and communities in which it invests.

With its focus on the southeastern United States, Blue Heron targets opportunities in some of the most diverse, highest-growth metropolitan areas of the United States. Enhanced by over twenty years of average real estate experience of its team across multiple property types and market cycles, the firm couples macro-level analysis with granular local knowledge and deep, long-standing relationships to consistently cultivate a robust pipeline of opportunities.

About Riverpoint Partners

Riverpoint Partners is a Denver-based investment and development firm founded on a passion for dynamic neighborhoods and businesses. It was created out of a desire to focus on thoughtful, community-minded developments that fill an existing void—creating value for the people who live, work and invest in those areas. With expertise across a diversified mix of asset types, Riverpoint Partners excels at recognizing exceptional opportunities, evaluating risk and rewards thoroughly and acquiring land or properties at the optimum time. The firm works across an array of projects from renovation of existing buildings to purchasing raw land and creating new construction that will fill a niche in that community.

About JLL

JLL is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.