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Bluerock Residential pays $141.3M for Ariz. apartment asset after Q2

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Bluerock Residential pays $141.3M for Ariz. apartment asset after Q2

Bluerock Residential Growth REIT Inc., in reporting its second-quarter results, said it purchased the 645-unit Denim apartment community in Scottsdale, Ariz., for about $141.3 million subsequent to quarter-end.

The multifamily real estate investment trust said it partially funded the purchase price using a $91.6 million mortgage loan secured by the Denim property.

Also subsequent to quarter-end, the REIT bought the 320-unit The Sanctuary apartment community in Las Vegas for about $51.8 million, which was partially funded with a $33.7 million mortgage loan secured by the property.