{"id":1004122364,"date":"2015-07-01T09:39:16","date_gmt":"2015-07-01T17:39:16","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=354149"},"modified":"2022-03-09T09:42:20","modified_gmt":"2022-03-09T17:42:20","slug":"bluerock-gets-ready-for-celebration","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bluerock-gets-ready-for-celebration\/","title":{"rendered":"Bluerock Gets Ready for Celebration"},"content":{"rendered":"

\"Century<\/a><\/p>\n

Bluerock Residential Growth REIT Inc.<\/a> is setting its sights on its latest Orlando submarket. The New York City-based REIT announced June 30 that it intends to buy Century Palms at World Gateway, a 252-unit, Class A property in Orlando\u2019s Celebration neighborhood.<\/p>\n

BRG plans to purchase Century Palms for $37 million or $146,825 per unit. The off-market deal will mark the company\u2019s fourth investment in Orlando, following Arium Grandewood, Enders Place at Baldwin Park and EOS, part of the Town Park master-planned development near the University of Central Florida. The Century Palms acquisition was sourced off market by the Carroll Organization, Bluerock\u2019s operating partner and co-investor in three of the four Orlando properties.<\/p>\n

BRG will invest 95 percent of the venture\u2019s equity requirement, or $13.5 million, under a cost-sharing agreement with Carroll. The buyer plans to further capitalize the property with a loan of about $25 million.<\/p>\n

Built in 2007, Century Palms is close to Disney World\u2019s main entrance and features one-, two- and three-bedroom unit floor plans averaging 1,074 square feet. It is near top public schools, multiple Class A office parks, Celebration Health hospital, sports and recreation complexes, a public library, community parks, and an 18-hole championship golf course.<\/p>\n

Image source: century-apartments.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A real estate investment trust focused on Class A apartment properties has designated its next market to conquer. Bluerock Residential Growth REIT Inc. announced that it has approved the acquisition of the 252-unit Century Palms at World Gateway in Orlando’s Celebration submarket.<\/p>\n","protected":false},"author":35,"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":[21742,1493],"tags":[1815],"class_list":["post-1004122364","post","type-post","status-publish","format-standard","hentry","category-latest","category-orlando","tag-national"],"acf":[],"yoast_head":"\nBluerock Gets Ready for Celebration - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bluerock-gets-ready-for-celebration\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bluerock Gets Ready for Celebration\" \/>\n<meta property=\"og:description\" content=\"A real estate investment trust focused on Class A apartment properties has designated its next market to conquer. 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