Bluerock Residential Growth REIT acquires 324-Unit apartment property

|About: Bluerock Residential Gro... (BRG)|By:, SA News Editor

Bluerock Residential Growth REIT (BRG +0.4%) along with an affiliate of F&B Capital acquired 324-unit, multifamily Deerfield Apartments in Austin for approx. $48.9M.

BRG invested $15.3M (92.5%) of the venture's equity requirement.

The transaction was further capitalized with a senior loan of approx. $34.8M.

The acquisition is projected to yield a stabilized pro forma cap rate of approx. 6.5% against market cap rates of 4.75% – 5.25% for comparable assets.

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