Bluerock Residential Growth REIT has closed on the acquisition of the Alexan Henderson Beach Apartments in Destin, FL for $53.7 million. Located in northwest Florida’s “Emerald Coast”, Bluerock will rebrand the property as The Preserve at Henderson Beach. Built in 2010, the 340 unit asset traded for just over $157,941 per unit. The company plans to refresh the common areas and bring rents into line with comparable properties and will hand over management duties to Greystar. “We are glad to be able to tap the strength and stability of the Destin market. The Henderson Beach property provides an opportunity to generate steady, solid returns for the REIT’s portfolio,” said Ramin Kamfar, Chairman and CEO of BRG.
