NEW YORK, NY - Bluerock Real Estate, LLC announced the sale of the Archstone Tech Ridge Apartment Community in Austin, TX to a partnership of The Carlyle Group and the Carroll Organization. The 256-unit community was only 50% complete when Bluerock acquired it with development partner, Archstone, in February 2010. At the time of Bluerock’s sale, the property was over 95% leased, according to Bluerock. The Seller was represented by Pat Jones of Apartment Realty Advisors.
This transaction represented a strategic exit at an opportune time in the current investment cycle," noted James Babb, Bluerock Senior Managing Director and Chief Investment Officer. "Furthermore, given the dynamics of the Austin market the buyer should achieve continued and significant upside in operating results."
“We made this investment at a difficult time. There was a great deal of uncertainty in the economy and the capital markets were in disequilibrium, but we had a clear vision for the asset, a firm understanding of the underlying fundamentals and a best in class partner. The risk/reward analysis was compelling and the execution was flawless, said Babb. The project was completed both under budget and ahead of schedule.
“We recognized the rare opportunity to leverage a distressed situation to acquire a great site in a great market, and we had to marshal our resources quickly to win the deal at auction, arrange financing and re-launch this stalled development,” says Babb.
The investment is consistent with Bluerock’s strategy which focuses on partnering with high quality owner-operators to acquire, develop, redevelop, operate and manage apartment communities in select, high-growth markets to maximize value and harvest investor gains.
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 80 years aggregate experience and have transacted on over 30 million square feet and $6 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.