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New York REIT buys north Charlotte development

A New York-based real estate investment trust has completed its acquisition of the second phase of development at a north Charlotte apartment complex.

BlueRock Residential Growth REIT Inc. recently purchased 151 newly completed units at Ashton Reserve for $21.8 million, or $144,500 per apartment. That, the company says, compares favorably to pricing of $160,000 per unit for similar projects in the Northlake submarket.

The company bought the first phase of the development in August. That deal comprised 322 apartments, which BlueRock bought for $44.8 million, or $139,000 per unit.

Ashton Reserve, built in two stages in 2013 and 2015, features high-end one-, two- and three-bedroom layouts. Amenities include two clubhouses, fitness facilities, a swimming pool with oversized deck and grilling stations, a business center, and a private media center. The property is slightly north of Northlake Mall.

“This acquisition speaks to Bluerock Residential Growth’s deal-sourcing capability as well as our ability to execute complex transactions, and we are very pleased to have completed the remainder of this deal,” said BlueRock Chief Executive Ramin Kamfar in a written statement. “The fundamentals are strong, both phases leased up quickly, and the property is performing in line with the market, as we had expected.”

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