Bluerock Residential Growth invests $189m in QIV alone
Bluerock Residential Growth REIT has invested $189 million of equity into approximately $509 million of real estate transactions during the fourth quarter of 2017. The transactions include the acquisition of 1,646 units across four properties, the origination of three development mezzanine loans totaling 784 units, and the buyouts of minority ownership interests in five assets totaling 1,377 units. The acquisitions include 1,042 units in Orlando, FL and 604 units across Greenville, SC and Birmingham, AL, and totaled approximately $260 million of gross investment. The three mezzanine loan investments include development projects totaling 784 units and approximately $241 million in total development cost.
"We are excited to deploy capital through a combination of longstanding relationships and off-market transactions in key high growth markets," stated Ramin Kamfar, Chairman and CEO of BRG. "Our ability to make accretive acquisitions of well-located assets in our target knowledge-economy growth markets coupled with our value-add business plan to enhance both amenities and unit interiors will drive long-term shareholder value."