 |
| Allan Lynch |
CHARLOTTE, NC ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of The Village at Marquee Station, a
265-unit, Class A, garden-style apartment community located in the
Raleigh-Durham suburb of Fuquay-Varina, North Carolina.
HFF represented
the seller/developer, Chapel Hill, North Carolina-based Blue Heron Asset
Management, LLC (“Blue Heron”), in the transaction.
Starlight U.S. Multi-Family Core Fund, an
asset managed by Toronto, Canada-based Starlight Investments Ltd., purchased
the community for $41.5 million free and clear of existing debt.
The Village at
Marquee Station is part of the Marquee Station mixed-use development located at
2110 Cinema Drive just off US 401, one of southern Wake County’s most traveled
corridors.
The property
offers convenient access to US 64, US 1, downtown Raleigh and Holly Springs,
and is proximate to the future extension of Highway 540 and many of the
Raleigh-Durham metropolitan area’s major employers.
The Village at
Marquee Station, which has units averaging 996 square feet, was developed by
Blue Heron and built by Clancy and Theys Construction. The NAHB Green-certified property features
numerous eco-conscious enhancements, including primarily brick and polished
masonry facades, irrigation wells, high-efficiency windows and HVAC units, and
energy-efficient LED lighting.
 |
| Justin Good |
The community
features a saltwater swimming pool with cabana; poolside grilling; fitness
center; clubhouse; gaming lounge and media studio; resident lounge with
billiards; pet grooming salon; car care center; and detached garages.
The HFF
investment sales team representing the seller was led by Allan Lynch and Justin Good.
“This transaction
represents the successful culmination of a collaborative, multi-year effort
among members of the development team,” stated Maurice Malfatti, Blue Heron co-founder and managing
principal.
“As a firm, an
important piece of our mission is to be proud of the developments we create -
for our community, our staff, our service providers and our investors. We are very proud of what our entire team has
accomplished at Marquee Station.”
“Completed in
phases between 2013 and 2014, Marquee Station has maintained occupancy in the
mid-90 percent range and has experienced consistent rent growth since
stabilizing in early 2015,” added Lynch.
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway
Plaza Suite 700 | Houston, Texas 77046
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