Indigo Apartments

Blue Heron Sells Indigo Apartments in Metro Raleigh for $121.9M

by Julia Sanders

MORRISVILLE, N.C. — Blue Heron Asset Management has sold Indigo Apartments, a 489-unit multifamily community in Morrisville, for $121.9 million. The firm sold the asset to an undisclosed buyer via its third fund, Blue Heron Real Estate Opportunity Fund III. NorthMarq represented the seller in the transaction.

Built in 2005 about eight miles south of Durham, Indigo Apartments offers one- and two-bedroom floorplans with features such as stainless steel appliances, full-size washers and dryers, fireplaces, private patios and balconies and wood-inspired plank flooring. Community amenities include a dog park, charcoal and gas grills, Wi-Fi lounge, fitness center and a clubhouse.

Blue Heron, a Raleigh-based private equity real estate investment management and development firm, acquired Indigo in December 2018. Shortly after taking ownership, the firm completed a community enhancement plan that included the renovation of apartment interiors and an expansion and upgrade of the amenity spaces.

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