Bluerock Purchases 80% Interest in 384-Unit Suburban Asset

Bluerock Residential Growth REIT Inc. (BRG) purchased an 80% interest in the Villages of Cypress Creek Apartments in Houston, TX. The New York REIT closed on the off-market transaction with equity of $14.5 million and a fixed-rate loan totaling $26.2 million. The Harris County Appraisal District listed a Beverly Hills, CA company as the seller.

Situated on 18.3 acres at 10300 Cypresswood Dr., the 2001 property offers one-, two- and three-bedroom units averaging 975 square feet. On-site amenities include two pools, a fitness center, game room, a dog park and business center. Additionally, Bluerock Residential will implement a $2 million renovation program on the 94% occupied asset to refurbish units and common areas.

“We are confident that, with enhancements in place, Cypress Creek will be capable of generating strong revenue as well as solid net operating income growth, making it a sound performer for the REIT,” said BRC’s Ramin Kamfar.

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