Bluerock Gets Ready for Celebration

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.

By Balazs Szekely, Associate Editor

Bluerock Residential Growth REIT Inc. 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’s Celebration neighborhood.

BRG plans to purchase Century Palms for $37 million or $146,825 per unit. The off-market deal will mark the company’s 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’s operating partner and co-investor in three of the four Orlando properties.

BRG will invest 95 percent of the venture’s 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.

Built in 2007, Century Palms is close to Disney World’s 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.

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