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Bluerock Residential buys NC property for $57M

Bluerock Residential Growth REIT Inc. bought the Wesley Village Apartments class A multifamily property in Charlotte, N.C., for roughly $56.9 million.

The REIT acquired the 301-unit property with an investment of $16.5 million, with the remainder financed through a fixed-rate loan of $40.5 million from Freddie Mac.

Wesley Village was previously reported as being sold, along with an adjacent 3.8-acre land parcel, for $57.7 million.

Bluerock said in a release that it plans to carry out a $2 million renovation program to upgrade units and common spaces, and it expects the deal to yield a pro-forma stabilized cap rate of 6.0%.