Bluerock Non-Traded REIT Announces New Growth Strategy, New Leadership, New Name, Revised Distribution and Liquidity Policies
Investment management firm Bluerock today announced the repositioning of its non-traded REIT with a growth strategy to reflect updated market conditions. The company announced a name change to Bluerock Multifamily Growth REIT (‘BMG’) as well.
BMG also announced that Dr. Randy Anderson has been appointed its Chief Executive Officer, succeeding Bluerock founder and CEO Ramin Kamfar. Dr. Anderson brings a track record of success with over 20 years’ experience in the industry as well as professional and academic distinctions. Prior to Bluerock, he was a founder of Franklin Square, where he helped lead the development of the company’s BDC concept into one of the most successful alternative products launched in recent history. Dr. Anderson is both an NAIOP Research Foundation Distinguished Fellow and a Homer Hoyt Institute Fellow, and the current editor of the Journal of Real Estate Portfolio Management.
“Randy brings tremendous breadth and insight given his experience over two decades as both a real estate professional and a PHD level economist as well as a legacy of building successful products and businesses tailored precisely to existing market,” said Bluerock CEO Ramin Kamfar.
In conjunction with the shift to growth strategy, BMG announced that it will offer a stock distribution as an alternative to its current cash distribution. The Company believes that offering a stock distribution will allow it to preserve more capital to invest in real estate. BMG does not guarantee distributions will be made.
In addition to the change in strategy, BMG reported its intent to pursue a focus on a portfolio sale to an institutional investor or public REIT in a shorter period than previously indicated. There is no assurance that such an event will occur in a shorter period or at all.
BMG has more than $156 million in assets on its balance sheet, comprising a 7-property portfolio with 1,700+ units of primarily of Class A properties positioned in growth markets.
BMG is a publicly registered, non-traded real estate investment trust. For copies of BMG’s public company filings, please visit the U.S. Securities and Exchange Commission’s website at www.sec.gov. BMG is sponsored by Bluerock Real Estate, LLC, a national investment firm providing institutional investments for individual investors.