07 Nov BEMT Invests in 23Hundred at Berry Hill Development Project in Nashville, Tennessee
Bluerock Enhanced Multifamily Trust, Inc. (“BEMT”), announced today its investment in a 266‐unit Class A multifamily development project in the Berry Hill/Melrose neighborhood of Nashville, Tennessee, through a joint venture with Stonehenge Real Estate Group. The project, known as 23Hundred at Berry Hill, is BEMT’s second investment in the thriving Nashville market.
Upon completion, which is slated for early 2014, the community will feature unique floorplans and many upscale amenities, including a saltwater pool, an outdoor grill area with firepit and cabanas, a state-of-the-art fitness club, and a rooftop lounge with billiards, bars and TVs.
“The property is located in very close proximity to Nashville’s Central Business District and is set squarely in the path of new expansion”, says James Babb, Bluerock Real Estate’s Chief Investment Officer.
“Nashville is among the country’s most dynamic markets, and growth in the downtown area has been explosive,” adds Babb, explaining Bluerock’s interest in the market. In addition to Nashville’s ranking among the nation’s top cities for job creation, Babb cites a 209% population increase downtown over the past decade that has transformed the market from suburban to urban and held vacancy rates to roughly 3.1%.
BEMT’s joint venture with Stonehenge is in keeping with Bluerock’s strategy, which is to invest with local owner operator partners who deliver significant market knowledge and proven execution capability. “Stonehenge has a keen ability to choose the right Nashville sites at the right time, and they have had particularly good success developing urban infill projects in the market,” says Babb. “This is a high quality asset both in terms of location and developer and, we believe, will be accretive based on our target return for the portfolio upon stabilization.”
Bluerock’s first investment with Stonehenge was Note 16, an 86-unit development on Music Row in Nashville. That property is scheduled for completion by year end 2012, and is currently pre-leasing.
BEMT is a publicly registered, non-traded real estate investment trust. For copies of BEMT’s public company filings, please visit the U.S. Securities and Exchange Commission’s website at http://www.sec.gov or the Company’s website at http://www.bluerockre.com/bemt.
About Bluerock Real Estate
Bluerock Real Estate is a national real estate investment firm headquartered in Manhattan which was founded to provide institutional quality real estate investment products for the individual investor. Bluerock principals have over 80 years aggregate experience and have transacted on over 30 million square feet and $6 billion in acquisitions, primarily on behalf of leading U.S. institutional investors. Bluerock currently focuses on acquiring, managing, and developing stabilized, value-added, and opportunistic multifamily and office properties throughout the United States.
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