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.

“We see significant upside potential for this property and believe it to be a strong addition to the portfolio,” says Ramin Kamfar, chairman and CEO of Bluerock. “The property has good, intrinsic value, while the Perimeter Center submarket and the larger Atlanta MSA show much promise for the coming years. Our ability to source this property at a favorable cost basis makes it possible for us to bring a strong product to market at competitive rents.”