Bluerock Residential Growth REIT has has closed on the purchase of a multifamily property in Port St. Lucie, FL, with Carroll Org as its partner in the deal. Known as Apex Prima Vista Apartments, the asset was sold for $38 million (or $118,750 per key) for the 320 unit community. Located a half mile from Federal Highway/US-1, the community features one-, two- and three-bedroom units, averaging nearly 1,050 square feet. The asset offers a clubhouse, two central lakes, two pools, recreation courts, a fitness center and a playground. BRG invested 85 percent of the venture’s equity requirement (roughly $11 million), with the Carroll Org. investing the remainder. The transaction was supported by a senior loan in the amount of nearly $27 million.
“Apex presents a clear value-add opportunity in a growing market with constrained supply. The property is generating solid in-place cash flows today and the rapid expansion of the Port St. Lucie MSA signals room for ample rent growth. Our ability to source Apex at a favorable cost basis makes it possible for us to improve the property and meet the needs of the market’s expanding new employment base,” said Ramin Kamfar, chairman & CEO of BRG, in a prepared statement.
