New York, NY (PRWEB) April 30, 2013
BMG also announced that Dr. Randy Anderson has been appointed its Chief Executive Officer, succeeding Bluerock founder and CEO Ramin Kamfar. Dr. Anderson brings a track record of success with over 20 years’ experience in the industry as well as professional and academic distinctions. Prior to Bluerock, he was a founder of Franklin Square, where he helped lead the development of the company’s BDC concept into one of the most successful alternative products launched in recent history. Dr. Anderson is both an NAIOP Research Foundation Distinguished Fellow and a Homer Hoyt Institute Fellow, and the current editor of the Journal of Real Estate Portfolio Management.
“Randy brings tremendous breadth and insight given his experience over two decades as both a real estate professional and a PHD level economist as well as a legacy of building successful products and businesses tailored precisely to the existing market,” said Bluerock CEO Ramin Kamfar.
In conjunction with the shift to growth strategy, BMG announced that it will offer a stock distribution as an alternative to its current cash distribution. The Company believes that offering a stock distribution will allow it to preserve more capital to invest in real estate. BMG does not guarantee distributions will be made.
In addition to the change in strategy, BMG reported its intent to pursue a focus on a portfolio sale to an institutional investor or public REIT in a shorter period than previously indicated. There is no assurance that such an event will occur in a shorter period or at all.
BMG has more than $156 million in assets on its balance sheet, comprising a 7-property portfolio with 1,700+ units of primarily of Class A properties positioned in growth markets.
BMG is a publicly registered, non-traded real estate investment trust. For copies of BMG’s public company filings, please visit the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
BMG is sponsored by Bluerock Real Estate, LLC, a national investment firm providing institutional investments for individual investors.
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 its distribution options, liquidation and growth strategy. 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. These risks, uncertainties and contingencies include, but are not limited to, the following: the financial performance of future acquisitions, uncertainties relating to changes in general economic and real estate conditions; the impact of current and future regulation; the uncertainties relating to the implementation of our real estate investment strategy; no guarantee as to future distributions; no guarantee as to the consummation of a liquidity event; and other risk factors as detailed from time to time in our periodic reports, as filed with the Securities and Exchange Commission. 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. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.