Bluerock Nabs 480-Unit Nevadan in Atlanta

Bluerock Residential Growth REIT Inc. struck an off-market deal with RPG Glenridge LLC to acquire Nevadan Apartments, a 480-unit multifamily property in Sandy Springs, GA, within the Atlanta MSA. Bluerock joined forces with Carroll Organization to acquire the asset for $68.25 million.

The asset is at 5501 Glenridge Dr., and offers one, two, and three-bedroom units averaging 1,100 square feet. Bluerock is planning an upgrade strategy on the property, which originally opened in 1990.

Ramin Kamfar with Bluerock Residential indicated the upside potential and location, within the Atlanta area’s Perimeter Center submarket, made the deal attractive.

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