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Lowe Enterprises Investors Acquires 208-Unit Apartment Community in San Antonio Suburb

SAN ANTONIO, TX - Lowe Enterprises Investors, in joint venture with an investment client, has acquired the 208-unit Sunrise Canyon apartment community at 501 Sunrise Canyon Drive in Universal City, a northeastern suburb of San Antonio, Texas. Built in 2005, the nine building, gated community offers one, two, and three-bedroom units all with spacious balcony or patio, as well as a clubhouse, resort style pool, fitness center, business center, outdoor kitchen with grilling area and a dog park. Unit interiors feature high ceilings, upgraded appliances and finishes, walk in closets, wood style flooring and ceiling fans. The majority of the units also have a washer and dryer. While many units hav

Bluerock Residential Growth REIT Acquires 324-Unit Apartment Community for $48.9 Million in Austin

AUSTIN, TX - Bluerock Residential Growth REIT announced that it has acquired the 324-unit, multifamily Deerfield Apartments in Austin, Texas. The Company acquired the property through a joint venture for a total purchase price of approximately $48.9 million, or roughly $151,000 per residential unit. The acquisition is projected to yield a stabilized pro forma cap rate of approximately 6.5% on execution of the Company's Value-Add upgrade strategy. This compares favorably to estimated market cap rates of 4.75% – 5.25% for comparable assets. BRG invested 92.5% of the venture's equity requirement, or approximately $15.3 million, with an affiliate of F&B Capital investing the balance for a 7.5% s

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