Background

In 2015 Blue Heron secured an opportunity to co-invest in the development of a well-located, 228-unit apartment community within a mixed-use planned development in Frederick, MD. The developer of the community, Bainbridge Companies, is a group with whom Blue Heron has invested in the past (REALM Patterson Place in Durham, NC; Fund I).

Achievements

  • Closing on the land occurred in November of 2015 and construction commenced shortly thereafter

  • The first apartments were delivered in early 2017, and stabilization is anticipated by late 2017/early 2018