FUQUAY-VARINA, N.C. — Blue Heron Asset Management LLC has sold The Village at Marquee Station, a 265-unit, Class A apartment community located at 2110 Cinema Drive in Fuquay-Varina, a suburb of Raleigh-Durham. Chapel Hill, N.C.-based Blue Heron sold the property, which it developed in phases between 2013 and 2014, to Starlight U.S. Multi Family Core Fund for $41.5 million. Toronto-based Starlight Investments Ltd. manages the fund. Allan Lynch and Justin Good of HFF represented Blue Heron in the transaction. The Village at Marquee Station’s units average 996 square feet, and its community amenities include a saltwater swimming pool with cabanas, poolside grilling, fitness center, clubhouse, gaming lounge and media studio, resident lounge with billiards, pet grooming salon, car care center and detached garages. Clancy & Theys Construction was the general contractor for the apartment community, which has maintained an occupancy rate in the mid-90 percent range since early 2015, according to HFF.
The Village at Marquee Station’s units average 996 square feet, and its community amenities include a saltwater swimming pool with cabanas, poolside grilling, fitness center and a clubhouse.
Blue Heron Asset Management Sells Apartment Community in Raleigh-Durham MSA for $41.5M
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