05 Apr Bluerock Real Estate Acquisition Announcement: Grove at Waterford Apartments, Nashville, Tennessee
Bluerock Real Estate, LLC (“Bluerock”), a national real estate investment firm, announced April 5, 2012 the acquisition of the Grove at Waterford Apartments located in Nashville, Tennessee.
The Grove at Waterford Apartments, which was built in 2010, is a Class A, garden-style apartment community comprised of 252 units in 12 three-story buildings. The Property is situated along Old Hickory Lake in the heart of Hendersonville, a northeastern suburb of Nashville. Bluerock acquired the property in conjunction with Bell Partners for approximately $27 million through a joint venture partnership, with Bell Partners also providing property management services. As both manager and co-owner, Bell Partners will leverage their existing local knowledge and resources with the goals of maximizing revenue and creating value on behalf of Bell and Bluerock stakeholders. The partnership is consistent with Bluerock’s investment model of co-investing with expert local operating partners with shared financial interests. Bell Partners is a southeast-based apartment investment and management company and is the 10th largest apartment owner in the U.S. with over 65,000 units currently under management.
Developed in 2010, the Grove at Waterford amenities include gated access, resort-style pool, fitness center and a business center. In-unit amenities include shaker-style cabinets, laminate countertops, black/stainless Hotpoint appliances, double-bowl stainless steel sinks and walk-in closets.
According to James Babb, Senior Managing Director and Chief Investment Officer for Bluerock, “The Grove at Waterford represents an excellent opportunity to buy a newly built, high quality, Class A asset in a growing suburb of metro Nashville, one of the best performing markets in the Southeast. The acquisition will allow us to capitalize on the compelling demographics and continued positive trends in the Hendersonville submarket. I am confident that Nashville’s outstanding health care and education sectors will be a catalyst for positive multifamily trends going forward, and will help us achieve our target returns.”
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 60 years aggregate experience and have transacted on over 25 million square feet and $4 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.
THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES.