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Bluerock Residential JV closes $76M Ga. apartment acquisition

A Bluerock Residential Growth REIT Inc. joint venture wrapped up its purchase of the City Walk apartments in Roswell, Ga., for roughly $76.0 million., with an expected pro forma stabilized cap rate yield of 5.75%.

The company invested about $25.5 million for a 98% equity stake in the venture, while a Carroll Organization affiliate invested the remainder for a 2% stake. A $51 million senior loan provided additional capital for the transaction.

The class A+ multifamily property sits on about 11 acres and contains 320 units with an average area of close to 900 square feet. It features a clubhouse and community amenities.