Bluerock Enhanced Multifamily Trust Buys Majority Stake in MDA City Apartments

A New York investor has acquired a majority stake in a 190-unit East Loop apartment building, one of several downtown multifamily deals completed in the waning days of 2012.

The Bluerock Enhanced Multifamily Trust Inc. paid $9.8 million in December for a 56.5 percent interest in MDA City Apartments from a venture of the Village Green Cos., a Michigan developer that converted the vintage office building into apartments in 2006, according to a Bluerock filing with the Securities and Exchange Commission.

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