Bluerock Residential makes Charlotte purchase

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

Acquired is the 301-unit, Class A Wesley Village Apartments for $56.85M, or about $189K per unit.

Bluerock (BRG +1.1%) plans to spend $2M to upgrade units and common spaces, and expects a pro forma stabilized cap rate of 6%.

The company funded the deal with equity of $16.5M and a fixed-rate mortgage for $40.5M.