August 16, 2016 Comments Off on Bluerock Ends 6-Year Hold, Unloads 413-Unit VA MF Views: 291 National News, Southeast, Virginia

Bluerock Ends 6-Year Hold, Unloads 413-Unit VA MF

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.

Read More at PR Newswire

Connect with Bluerock Residential

For comments, questions or concerns, please contact Amy Sorter

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: , ,

Comments are closed.