Project-based learning (PBL) approaches are common in Software Engineering (SE) and Project Management education. However, the blended learning modality is still little explored in this context. The application of PBL in blended learning environments is called Blended Project-based learning (BPBL). In order to fill in this research gap, this study analyzed the implementation of an undergraduate SE project management course carried out in a Brazilian private university, using the BPBL method. In order to evaluate the outcomes of the adoption of this method, a questionnaire was administered to students, who were also invited to identify some lessons learned, assessed using content analysis. In terms of students’ performance and satisfaction, the results of this survey showed that students’ opinions are mixed. However, the students considered more “blended-ready” are said to be very satisfied with the experience and looking forward to another one. The outcomes of this study can be used to better prepare teachers and students to adopt BPBL in software project management courses.