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Bluerock Residential picks up 90% stake in Atlanta asset

Bluerock ResidentialGrowth REIT Inc. picked up a leasehold interest in Tenside ApartmentHomes in Atlanta for roughly $74.5 million via a joint venture.

The transaction was funded with an approximately $52 millionsenior loan from Fannie Mae. The company invested about $22 million for a 90% stakein the asset, while the remaining 10% stake was acquired by an affiliate of theCarroll Organization.

Bluerock said it plans to rebrand the class A, mixed-use assetas Arium Westside. It plans to provide growth capital for improvements at the propertyand for the lease of the retail space that remains vacant. It expects the acquisitionto yield a roughly 6.5% stabilized pro forma cap rate.

Located in the West Midtown submarket, the property offers 336residential units in one-, two- and three-bedroom formats with an average area ofabout 900 square feet. It also features retail space leased to national, regionaland local tenants on the ground floor.