August 16, 2016
Bluerock Residential Growth REIT Inc. ended its hold on the 413-unit Springhouse at Newport Apartments in Newport News, VA. The New York REIT sold the property for $38.2 million to an undisclosed buyer, generating an internal rate of return of approximately 17%.
Bluerock acquired the property at 100 Springhouse Way in 2009 for $29.2 million from a Bethesda, MD seller. According to BRG’s Ramin Kamfar, the capital will be redeployed into higher-growth assets.
The multifamily asset offers one-and two-bedroom apartments, ranging from 450 to 876 square feet.
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