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| Ninth Street Apartments, Ninth Street, Durham, NC (Photo by Dustin Peck) |
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| 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.
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| 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 | www.hfflp.com
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