Bluerock Gets Ready for Celebration
- Jul 01, 2015
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.
Image source: century-apartments.com