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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bluerock Residential Growth REIT Inc | AMEX:BRG | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 26.60 | 0 | 01:00:00 |
NEW YORK, Jan. 11, 2018 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) ("BRG" or the "Company") announced today that it deployed approximately $189 million of equity into approximately $509 million of real estate transactions during the fourth quarter of 2017. These transactions are comprised of the acquisition of 1,646 units across four properties, the origination of three development mezzanine loans totaling 784 units, and the buyouts of minority ownership interests in five assets totaling 1,377 units. The Company expects its first full-quarter AFFO contribution from these assets in the first quarter of 2018.
"We are excited to deploy capital through a combination of longstanding relationships and off-market transactions in key high growth markets," stated Ramin Kamfar, Chairman and CEO of BRG. "Our ability to make accretive acquisitions of well-located assets in our target knowledge-economy growth markets coupled with our value-add business plan to enhance both amenities and unit interiors will drive long-term shareholder value."
Asset |
Market |
Units |
% Owned |
Total Cost ($ MM's) |
BRG Equity ($ MM's) | ||
Orlando Portfolio |
$ |
183 |
$ |
65 | |||
Arium Hunters Creek |
Orlando, FL |
532 |
100% |
||||
Arium MetroWest |
Orlando, FL |
510 |
100% |
||||
Springs Portfolio |
77 |
31 | |||||
Outlook at Greystone |
Birmingham, AL |
300 |
100% |
||||
The Mills |
Greenville, SC |
304 |
100% |
||||
Flagler Village - Mezzanine |
Ft. Lauderdale, FL |
385 |
- |
140 |
54 | ||
Crescent Perimeter - Mezzanine |
Atlanta, GA |
320 |
- |
70 |
21 | ||
Vickers - Mezzanine |
Atlanta, GA |
79 |
- |
31 |
10 | ||
Minority Interest Buyouts |
- |
- |
8 |
8 | |||
Total |
2,430 |
$ |
509 |
$ |
189 |
Bluerock Residential Growth REIT, Inc.
Bluerock Residential Growth REIT, Inc. (NYSEAmerican: BRG) is a real estate investment trust that focuses on developing and acquiring a diversified portfolio of institutional-quality highly amenitized live/work/play apartment communities in demographically attractive knowledge economy growth markets to appeal to the renter by choice. The Company's objective is to generate value through off-market/relationship-based transactions and, at the asset level, through Core+ improvements to properties and to operations. The Company is included in the Russell 2000 and Russell 3000 Indexes. BRG has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.
For more information, please visit the Company's website at www.bluerockresidential.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company's present expectations, but these statements are not guaranteed to occur. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the risk factors set forth in Item 1A of the Company's Annual Report on Form 10-K filed by the Company with the U.S. Securities and Exchange Commission ("SEC") on February 22, 2017, and subsequent filings by the Company with the SEC. We claim the safe harbor protection for forward looking statements contained in the Private Securities Litigation Reform Act of 1995.
View original content with multimedia:http://www.prnewswire.com/news-releases/bluerock-residential-growth-reit-deploys-189-million-of-equity-into-509-million-of-real-estate-transactions-during-fourth-quarter-2017-300581769.html
SOURCE Bluerock Residential Growth REIT, Inc.
Copyright 2018 PR Newswire
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