Bluerock Residential Growth REIT has paid $55.25 million for a 336-unit multifamily community in Clermont, Florida. Located 45 miles west of downtown Orlando, the Citus Tower apartments are located off Route 50 at 1290 N Ridge Blvd. Trading for just under $164,435 per unit, the property features a resort style swimming pool with summer kitchen and fire pit, a fitness center and playground. The sale was financed with a $41.4 million senior loan carrying an interest rate of 4.07 percent. The acquisition is projected to yield a pro-forma stabilized cap rate of approximately 6.5 percent. The asset recently underwent $1.15 million in amenity upgrades including new exterior paint and lighting, landscape improvements and a resurfacing of the pool.
