JLL announces it has closed the $10.6 million sale of Historic Boylan, a 56-unit, boutique apartment community in Raleigh, North Carolina.
JLL marketed the property on behalf of the seller, Blue Heron Real Estate Opportunity Fund II, LP, managed by Raleigh-based Blue Heron Asset Management, LLC (Blue Heron). Denver-based Riverpoint Partners purchased the offering free and clear of existing financing.
Historic Boylan is located at 817 Hillsborough Street approximately 1.5 miles southeast of North Carolina State University in downtown Raleigh. Originally constructed in 1935, the property has retained many of its unique architectural features over the years, including the original oak flooring, paneled doors with vintage hardware, steel casement windows with deep window sills and porcelain cast iron tubs. Units include a mix of one- and two-bedroom layouts averaging 714 square feet. The brick-clad, colonial revival building also features an expansive courtyard with brick patio and locally designed lounge furniture, grilling pavilion, on-site laundry facilities and high walkability around downtown Raleigh, the Warehouse District and Glenwood South. The property has maintained a consistent occupancy rate of 98 percent.
“We are very proud of what our team at Blue Heron was able to accomplish at Historic Boylan,” stated Michael Eubanks, one of Blue Heron’s partners. “We are also thankful to our property management partners, Kane Residential, for their oversight of the property and renovation program, and to JLL for their great work on the sale.”
The JLL Capital Markets team representing the seller included Senior Director Allan Lynch, Managing Director Jeff Glenn, Director Caylor Mark and Managing Director Justin Good.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday Fenoglio Fowler LP (HFF) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.