Followers | 131 |
Posts | 10070 |
Boards Moderated | 0 |
Alias Born | 11/05/2009 |
Tuesday, August 16, 2016 11:06:13 AM
Today : Tuesday 16 August 2016
NEW YORK, Aug. 15, 2016 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) ("BRG" or the "Company") announced today that it has closed on the sale of its Springhouse Apartment Homes property ("Springhouse"), located in Newport News, Virginia. The property, which encompasses 24 two-story apartment buildings, 413 apartment rental units and 28 acres, sold for $38.2 million, generating an internal rate of return of approximately 17% on BRG's equity investment in the project, for a return on equity of 1.8x. The Company acquired the property in 2009.
"With the sale of Springhouse, BRG continues to fulfill our commitment to strategic recycling of capital. We plan to redeploy capital from the transaction into higher-growth assets located within our current target markets," said Ramin Kamfar, Chairman and CEO of BRG.
BRG expects the sale to generate approximately $9 million of net proceeds for reinvestment.
PROVERBS 18:2 Fools have no interest in understanding; they only want to air their own opinions.
FEATURED Cannabix Technologies Launches New Compact Breath Logix Workplace Series and Prepares for Delivery to South Africa • May 7, 2024 8:51 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM