Bluerock Real Estate Acquisition Announcement: Villas at Oak Crest Apartments, Chattanooga, Tennessee
Bluerock Real Estate, LLC (“Bluerock”), a national real estate investment firm, announced February 1, 2012 a preferred equity investment in the Villas at Oak Crest Apartments located in Chattanooga, Tennessee.
Villas at Oak Crest is a 209 unit apartment community comprised of 10 buildings with a mix of one, two, and three-bedroom floor plans. Bluerock acquired the property in conjunction with Madison Capital Group and Brookside Properties for $15 million through a joint venture partnership, with Madison and Brookside also providing property management services. As both manager and co-owner, Madison and Brookside will leverage their existing local knowledge and resources and plan to execute a value-added renovation of the overall apartment community to maximize potential returns. The partnership is consistent with Bluerock’s investment model of co-investing with expert local operating partners with shared financial interests.
Villas at Oak Crest community amenities include gated access, a clubhouse, fitness center, business center, playgrounds, garages, and two resort-style pools. Individual residences include upgraded appliances, washer/dryer connections, fireplaces and 9-foot ceilings in select units.
According to James Babb, Senior Managing Director and Chief Investment Officer for Bluerock Real Estate, LLC, “the Villas at Oak Crest investment provided Bluerock an opportunity to make further investments in the growing, yet underserved Chattanooga multifamily market with an asset that has a proven track record of rent appreciation, with further potential, through moderate interior renovations, to add significant value to the property.”
Villas at Oak Crest is located in Chattanooga, conveniently positioned between the Enterprise South Industrial Park and Hamilton Retail District in eastern Chattanooga, providing proximity to major employment hubs and substantial retail support.
About Bluerock Real Estate
Bluerock Real Estate is a national real estate investment firm headquartered in Manhattan, which was founded to provide institutional quality real estate investment products for the individual investor. Bluerock principals have over 60 years aggregate experience and have transacted on over 25 million square feet and $4 billion in acquisitions, primarily on behalf of leading U.S. institutional investors. Bluerock currently focuses on acquiring, managing, and developing stabilized, value-added, and opportunistic multifamily and office properties throughout the United States.
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