NEW YORK, N.Y., Jan. 21, 2015 (GLOBE NEWSWIRE) -- via PRWEB - Bluerock Residential Growth REIT, Inc. (NYSE MKT:BRG) ("BRG" or "the Company") announced today that it has closed on the sale of its recently-constructed 23Hundred@Berry Hill multifamily development in Nashville for $61.2 million, representing an Internal Rate of Return of approximately 60% and a 2.8x equity multiple. The Company plans to recycle and re-invest its proceeds at higher cap rates to drive Adjusted Funds from Operation and NAV on behalf of shareholders.
BRG expects to receive approximately $7.3 million of net sales proceeds for its ownership interest in the project.
About Bluerock Residential Growth REIT, Inc.
Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) is a real estate investment trust formed to acquire a diversified portfolio of institutional-quality apartment properties in demographically attractive growth markets throughout the United States. The Company has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes. Please visit the Company's website at http://www.bluerockresidential.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company's present expectations, but these statements are not guaranteed to occur. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the "Risk Factors" attached as Exhibit 99.1 to Form 8-K filed by the Company with the U.S. Securities and Exchange Commission ("SEC") on November 18, 2014, and subsequent filings by the Company with the SEC.
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