New York, NY (PRWEB) June 14, 2012
Villas at Oak Crest is 209 unit apartment community comprised of 10 buildings with a mix of one, two, and three-bedroom floor plans. Bluerock acquired the property in conjunction with Madison Capital Group and Brookside Properties for $15 million through a joint venture partnership, with Madison and Brookside also providing property management services. As both manager and co-owner, Madison and Brookside will leverage their existing local knowledge and resources and plan to execute a value-added renovation of the overall apartment community to maximize potential returns. The partnership is consistent with Bluerock’s investment model of co-investing with expert local operating partners with shared financial interests.
Villas at Oak Crest community amenities include gated access, a clubhouse, fitness center, business center, playgrounds, garages, and two resort-style pools. Individual residences include upgraded appliances, washer/dryer connections, fireplaces and 9-foot ceilings in select units.
According to James Babb, Senior Managing Director and Chief Investment Officer for Bluerock Real Estate, LLC, “the Villas at Oak Crest investment provided Bluerock an opportunity to make further investments in the growing, yet underserved Chattanooga multifamily market with an asset that has a proven track record of rent appreciation, with further potential, through moderate interior renovations, to add significant value to the property.”
Villas at Oak Crest is located in Chattanooga, conveniently positioned between the Enterprise South Industrial Park and Hamilton Retail District in eastern Chattanooga, providing proximity to major employment hubs and substantial retail support.
Bluerock Real Estate is a national real estate investment firm headquartered in Manhattan, which was founded to provide institutional quality real estate investment products for the individual investor. Bluerock principals have over 60 years aggregate experience and have transacted on over 25 million square feet and $4 billion in acquisitions, primarily on behalf of leading U.S. institutional investors. Bluerock currently focuses on acquiring, managing, and developing stabilized, value-added, and opportunistic multifamily and office properties throughout the United States.
This release contains certain forward-looking statements (under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) with respect to the investment into the Villas at Oak Crest apartment property, the attractiveness of the Property, investment plans, and future performance and value of the Property. Forward-looking statements are statements that are not historical, including statements regarding management’s intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “will,” “should” and “could.” Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events.
THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES.