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Bluerock Residential Growth REIT prices series D preferred stock offering

Bluerock Residential Growth REIT Inc. priced its public offering of 2.7 million shares of its 7.125% series D cumulative preferred stock for net proceeds of approximately $65 million.

The liquidation preference is $25 per share, and underwriters have a 30-day option to acquire up to 405,000 additional shares to cover overallotments.

The offering is expected to close Oct. 13, subject to customary closing conditions.

The company expects to use the net proceeds to fund future multifamily acquisitions and investments and for other general corporate and working capital purposes, including possible capital improvements at its properties.

The preferred stock is expected to commence trading on the NYSE MKT within 30 days after the initial issuance.

Janney Montgomery Scott, D.A. Davidson & Co. and Oppenheimer & Co. are the book-running managers; BB&T Capital Markets is the co-lead manager; and Boenning & Scattergood, JMP Securities and William Blair are the co-managers for the offering.