New York, New York (PRWEB) January 07, 2015
“23Hundred@Berry Hill has been a tremendous story for BRG and is attributable directly to our local intellectual capital. We were early movers as we were able to see the strong growth potential in Nashville’s emerging Berry Hill/Melrose district. We acquired a commercial lot, rezoned it to develop a Class A multifamily community and leased the project up well above our pro forma in terms of both rents and velocity,” said Ramin Kamfar, Chairman and CEO of BRG.
To complete 23Hundred@Berry Hill, the team implemented its BR Lifestyle Initiatives program, customizing properties with design features and amenities targeted specifically to local market demographics. In this case BRG, along with its development partner, Stonehenge Real Estate Group, delivered a project that spoke to Nashville’s music-industry demographic, with features that included a songwriter’s lounge; a rooftop lounge with billiards, bars and televisions; a saltwater pool; an outdoor grill area with fire pit and cabanas; and a state-of-the-art fitness club.
BRG expects to receive approximately $7.0 million of net sales proceeds for its ownership interest in the project.
About Bluerock Residential Growth REIT, Inc.
Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) is a real estate investment trust formed to acquire a diversified portfolio of institutional-quality apartment properties in demographically attractive growth markets throughout the United States. The Company has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes. Please visit the Company’s website at http://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” attached as Exhibit 99.1 to Form 8-K filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) on November 18, 2014, and subsequent filings by the Company with the SEC.