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Bluerock Residential picks up Texas multifamily property for $49M

Bluerock Residential Growth REIT Inc. closed on a roughly $48.9 million purchase of the 324-unit Deerfield Apartments property in Austin, Texas, via a joint venture with an F&B Capital affiliate.

The REIT invested about $15.3 million in exchange for a 92.5% stake in the venture, and the F&B Capital affiliate invested the remainder for a 7.5% stake.

An approximately $34.8 million senior loan was also used to fund the acquisition, which is expected to yield a roughly 6.5% stabilized pro forma cap rate on execution of the REIT's value-add upgrade strategy.