![]() For more information, please visit our website at: Forward Looking Statements BRG has elected to be taxed as a real estate investment trust (REIT) for U.S. The Company is included in the Russell 2000 and Russell 3000 Indexes. ![]() BRG generally invests with strategic regional partners, including some of the best-regarded, private owner-operators in the United States, making it possible to operate as a local sharpshooter in each of its markets while enhancing off-market sourcing capabilities. The Company’s objective is to generate value through off-market/relationship-based transactions and, at the asset level, through improvements to operations and properties. (NYSE MKT: BRG) is a real estate investment trust that focuses on acquiring a diversified portfolio of Class A institutional-quality apartment properties in demographically attractive growth markets to appeal to the renter by choice. We believe it will be a solid, steady contributor to the BRG portfolio now and well into the future,” said Ramin Kamfar, Chairman and CEO of BRG.Ībout Bluerock Residential Growth REIT, Inc.īluerock Residential Growth REIT, Inc. City Walk is a strong performer in a supply-constrained submarket. “We are pleased to have been able to source this property by leveraging our relationships in the local market. ![]() The Company plans to improve cash flow at the property through enhanced property management and modest, value-add renovations to unit interiors. It is strategically located within walking distance of the area’s vibrant downtown Historic Canton Street retail shopping and dining. Situated on nearly 11 acres, the property offers a large clubhouse and community amenities including a resort-style pool with tanning ledges, grilling area, covered outdoor seating, fitness center, club room complete with kitchen and billiards table, business center with Wi-Fi, and a newly constructed dog park.Ĭity Walk is the only institutional multifamily asset built in Roswell in the last 15 years and benefits from its location in a historic district with high barriers to entry for additional new multifamily construction. The property, which was built in 2015, features one- and two-bedroom units averaging nearly 900 square feet. The transaction was further capitalized with a senior loan in the amount of approximately $51 million. This compares favorably to estimated market cap rates of 4.75% – 5.25% for comparable assets.īRG invested 98% of the venture’s equity requirement, or approximately $25.48 million, with an affiliate of the Carroll Organization investing the balance for a 2% stake in the venture. The acquisition is projected to yield a pro forma stabilized cap rate of approximately 5.75%. The Company acquired the property through a joint venture for a total purchase price of approximately $76.0 million, or roughly $237,000 per residential unit. (NYSE MKT: BRG) (“BRG”, the “REIT” or the “Company”) announced today that it has acquired the 320-unit, Class A+ multifamily City Walk Apartments (“City Walk”) in Roswell, Georgia. New York, NY (December 12, 2016) – Bluerock Residential Growth REIT, Inc.
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