Bluerock Pays $54M for FL Multifamily

Bluerock Residential Growth REIT Inc., headquartered in New York City, acquired the 340-unit Alexan Henderson Beach Apartments from Trammell Crow Residential. The REIT paid $53.7 million for the Destin, FL-based multifamily complex, which will operate as The Preserve at Henderson Beach.

The new owner plans to refresh the common areas, in an attempt to bring the current below-market rents in line with comparable properties. Bluerock Residential has retained Greystar to manage the asset at 4131 Commons Dr. W.