Bluerock Residential Growth REIT has announced the acquisition of two Southwest Florida apartment communities for a combined $86.3 million, or approximately $125,000 per unit. The first property, the 320 unit Citation Club Apartments on Palmer Ranch is located in Sarasota. The second purchase is for the 368 apartments of Summer Wind Apartments in Naples. Bluerock bought the properties in a joint venture taking a 95 percent stake while its partner the Carroll Organization has the remaining 5 percent. The investment was completed with acquisition loans of approximately $59.6 million.
“The Citation Club and Summer Wind acquisitions presented an excellent opportunity to generate growth through value-added renovations in a supply-constrained markets, which is in keeping with the BRG investment thesis,” said Ramin Kamfar, Chairman and CEO of BRG.
