Downtown Atlanta
ATLANTA—Bluerock Residential Growth REIT acquired Nevadan Apartments, a 480-unit multifamily complex in Atlanta. Bluerock acquired the multifamily asset through a joint venture. The purchase price: $68.25 million, or about $142,188 per multifamily unit.
Bluerock invested 90%—ore about $23 million of the joint venture's equity requirement. An affiliate of the Carroll Organization invested the balance for a 10% stake in the venture. The JV helped capitalize the off-market transaction with a $48 million senior loan.
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