New York-based Bluerock Residential Growth REIT, Inc. purchased the Century Palms at the World Gateway apartment complex in Orlando for $37 million. Built in 2007, Century Palms is a class A multifamily community that features one-, two- and three-bedroom units averaging 1,074 square feet with an average rent of $1,170 per month. Bluerock stated it plans to upgrade the 8-year-old complex and increase rents to be in line with luxury properties in the area. Century Palms mark’s Bluerock’s fourth investment in Orlando.
“We see tremendous upside potential in Century Palms. The market is robust, the population is expanding, and the vacancy rate is extremely low,” said Ramin Kamfar, chairman and CEO of Bluerock Residential Growth REIT Inc. “We believe that with a refresh to bring the project up to current market standards, we will be able to strengthen rent rolls significantly.”
