Bluerock Residential Growth REIT Buys Apartment Community in Metro Atlanta for $68.3M

SANDY SPRINGS, GA. — Bluerock Residential Growth REIT Inc. (BRG) has purchased the Nevadan Apartments, a 480-unit apartment community located in Sandy Springs, for $68.3 million. BRG purchased the asset in a joint venture transaction with the Carroll Organization. BRG invested $23 million in the transaction and sourced a $48 million senior loan for the acquisition and renovation. The Carroll Organization is a 10 percent stakeholder in the joint venture. Built in 1990 near I-285 and GA 400, Nevadan Apartments features a clubhouse, resort-style swimming pool, poolside grill/lounge, 24-hour fitness center, tennis courts and underground parking. Units average nearly 1,100 square feet. Bo Moore, Dan Phelan and John Weber of ARA Newmark represented the seller, AION Partners, in the transaction.