Bluerock, Bell Partners Grab a Tennessee Asset

Partnership buys a 252-unit asset; Gerson Bakar & Associates complete a 300-unit acquisition near Portland, Ore.; and Alliant Capital completes loan with a 3.81 percent interest rate.

The Grove at Waterford Apartments

Hendersonville, Tenn.—Bluerock Realty Group and Bell Partners have acquired The Grove at Waterford Apartments, a 2010-built property located in Hendersonville, Tenn. The 252-unit property carried a purchase price of approximately $27 million. Bell Partners will serve as both manager and co-owner.

“The Grove at Waterford represents an excellent opportunity to buy a newly built, high quality, Class A asset in a growing suburb of metro Nashville, one of the best performing markets in the Southeast,” says James Babb, senior managing director and chief investment officer for Bluerock. “I am confident that Nashville’s outstanding healthcare and education sectors will be a catalyst for positive multifamily trends going forward, and will help us achieve our target returns.”

Amenities at the property include a swimming pool, fitness center and a business center.

Gerson Bakar completes Portland-area acquisition

Forest Rim Apartments

Tualatin, Ore.—Gerson Bakar & Associates has purchased Forest Rim Apartments, a 300-unit community located in Tualatin, Ore. The transaction represents the firm’s fifth acquisition in the Portland area.

Community amenities include a swimming pool, spa, basketball court, playground, lounge and conference room, a media room, clubhouse, and garages.


Alliant Capital completes loan with 3.81% interest rate

Farmington Hills, Mich.–Alliant Capital LLC announces the $6,410,000 refinance of Kendallwood Apartments, a 297-unit garden style property located in Farmington Hills, Mich.

The loan was closed on May 31, 2012 with a 3.81 percent interest rate and a 10-year fixed rate term with 25-year amortization.