{"id":1004120211,"date":"2015-05-27T12:42:51","date_gmt":"2015-05-27T20:42:51","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=349737"},"modified":"2022-12-07T05:06:08","modified_gmt":"2022-12-07T13:06:08","slug":"bluerock-residential-growth-reit-to-acquire-473-unit-ashton-reserve","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bluerock-residential-growth-reit-to-acquire-473-unit-ashton-reserve\/","title":{"rendered":"Bluerock Residential Growth REIT to Acquire 473-Unit Ashton Reserve"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<div id=\"attachment_349738\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/05\/Ashton-Reserve.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-349738\" title=\"Ashton Reserve\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/05\/Ashton-Reserve.jpg\" alt=\"\" width=\"300\" height=\"234\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Ashton Reserve<\/p>\n<\/div>\n<p>Ashton Reserve, an apartment community in Charlotte\u2019s high-end Northlake submarket, is set to change owners. Bluerock Residential Growth REIT (BRG) has announced plans to purchase the 473-unit asset.<\/p>\n<p>Developed in two stages in 2013 and 2015, Ashton Reserve will also be acquired in two phase. The community\u2019s first phase, Ashton I, is expected to trade for $140,700 per unit, and Ashton II for $144,500 per unit, totaling $44.76 million and $21.8 million respectively. Ashton II\u2019s final purchase price will be set based on its in-place financial performance. BRG will assume a $31.19 million existing loan on Ashton I. The REIT also plans to secure new mortgage financing of about $15 million upon the acquisition of Ashton II.<\/p>\n<p>BRG sourced the transaction through an existing operating partner that bought Ashton with a capital provider in 2013. BRG entered a purchase agreement for Ashton I, replacing the capital provider at their original basis. BRG will also enter the capital provider\u2019s contract to purchase Ashton II at the closing of Ashton I. As a result BRG will buy Ashton I at a cap rate of 6 percent and Ashton II at a cap rate of 5.8 percent \u2013 an advantageous pricing relative to the market\u2019s average cap rates of 5.25 to 5.5 percent. BRG also plans to make a $14 million equity investment for Ashton I and $7 million for Ashton II.<\/p>\n<p>Located in Charlotte\u2019s upscale Northlake submarket, Ashton Reserve is proximate to Charlotte\u2019s CBD and University Research Park, two of the most prominent submarkets for business and employment in the Queen City. Amenities include fitness facilities, swimming pool, two clubhouses, business center, private media center, grilling stations, car care center, Starbucks Cyber Caf\u00e9 and five recycling centers.<\/p>\n<p>The community comprises luxury one-, two- and three-bedroom units. Ashton I features 322 units averaging 993 square feet with an effective in-place rent of $1,250 per month. Ashton II\u2019s 151 units average 1,019 square feet. Ashton II has delivered 71 units and leased 43 as of May 14.<\/p>\n<p><em><a title=\"Market Snapshot: Millennials Flock to Charlotte, N.C., Pushing Up Multifamily Demand\" href=\"https:\/\/www.multihousingnews.com\/market-data\/market-snapshot-millennials-flock-to-charlotte-pushing-up-multifamily-demand\/1004118826.html\">Click here<\/a> for further Charlotte apartment data<\/em><\/p>\n<p><em>Image credits: Ashton Reserve\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ashton Reserve, a 473-unit apartment community located in Charlotte&rsquo;s high-end Northlake submarket is set to change owners, as Bluerock Residential Growth REIT (BRG) has announced plans to purchase the asset<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21742],"tags":[],"class_list":["post-1004120211","post","type-post","status-publish","format-standard","hentry","category-charlotte","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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