Saturday, May 27, 2017

HFF closes recapitalization of and arranges joint venture equity for Solis Ninth Street in Durham, NC

 Ninth Street Apartments, Ninth Street, Durham, NC                           (Photo by Dustin Peck)                        
Cory Fowler
 CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the recapitalization of and arranged joint venture equity for a 229-unit, Class A multi-housing and 10,000-square-foot retail property, formerly known as Solis Ninth Street, on Ninth Street in Durham, North Carolina.

HFF assisted the co-owner in the recapitalization of the property and also arranged a new joint venture equity partnership with Raleigh, North Carolina-based Blue Heron Asset Management, LLC.  This is the sixth acquisition for Blue Heron’s Real Estate Opportunity Fund II.

 The Durham-based Dickson family, which has been involved in Solis Ninth Street since its rezoning, remain invested in the development.  The family’s joint venture developer and co-owner, Terwilliger Pappas Multifamily Partners, has sold its stake in the property.

The property, which is in the process of being rebranded as 810|Ninth, is located at 810 9th Street within walking distance of Duke University, Duke Medical Center, Whole Foods, Harris Teeter, numerous restaurants, shops and other urban amenities, including local gyms, bars and entertainment venues. 

Justin Good
Completed in February 2016, the property has 229 units spread across 187,961 rentable square feet for an average unit size of 821 square feet. 

In addition to its central location, amenities include a saltwater swimming pool; outdoor lounge with grilling area and fire pit; fitness center with dedicated yoga and spin studio; clubhouse; business center; coffee bar; pet spa and grooming station, garage parking located in the center of the building; and 10,000 square feet of ground-floor retail.

The HFF team was led by managing directors Justin Good and Jeff Glenn and directors Cory Fowler and Allan Lynch.

Maurice Malfatti, managing partner of Blue Heron, commented, “We are bullish on Durham and believe in its growth and innovation story.  810|Ninth – our largest single investment to date – is a solid addition to our fund, which targets investments in southeastern U.S. markets, such as Durham, that exhibit strong job and population growth and diverse economic drivers.

“  We love the walkability and neighborhood feel of Ninth Street and are excited to be part of the local ownership group that will own and operate the property for years to come.”

 For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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