Bluerock Residential Growth REIT Buys Charlotte Apartment Community for $56.9M

by John Nelson

CHARLOTTE, N.C. — Bluerock Residential Growth REIT Inc. has purchased Wesley Village Apartments, a 301-unit, Class A multifamily community located in Charlotte’s FreeMoreWest submarket. The REIT acquired the property from KBS Legacy REIT for $56.9 million using $16.5 million in equity and a Freddie Mac, fixed-rate loan totaling $40.5 million. Built in 2010, Wesley Village features studio, one- two- and three-bedroom units averaging 1,025 square feet. Community amenities include a resort-style saltwater pool with grilling area and wet bar, fitness center, game room with a billiards table, business center with Wi-Fi and a dog park.

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