Bluerock Residential Growth REIT has acquired the Arium Palms at World Gateway in the Celebration sub-market for $37 million. Built in 2007 and located 10 minutes south from the entrance of Disney World, the 252 unit complex features one to three–bedroom unit layouts averaging 1,074 square feet. The property traded for just over $146,825 per unit. Completed with JV partner Carrol, the deal was finalized with an acquisition loan of approximately $25.3 million. Arium Palms will mark BRG’s fourth investment in Orlando.
“We are tremendously optimistic about this opportunity. The grounds are beautiful, the location is in demand, the market is growing, and vacancy rates are low. In addition, Carroll has an excellent ability to understand the local market and a proven track record of maximizing property rent rolls,” said Ramin Kamfar, Chairman and CEO of BRG.
