New York, NY – Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) (the “Company”) today announced the sale of the 240-unit Estates at Perimeter community located in Augusta, Georgia for $26 million. BRG held a 25% joint venture interest in the property which it acquired in September 2010.
“The sale of Estates at Perimeter provides us an opportunity to harvest gains and recycle capital into a market that is more aligned with the Company’s focus on value creation in growth markets,” said Ramin Kamfar, Chairman and CEO of BRG.
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 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 on the Company’s present expectations, but these statements are not guaranteed to occur, including statements about the company’s ability to reinvest proceeds. 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.