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Bluerock Sells Chace Lake Villas in Birmingham for $28.3M

Rivergate Buys 264-Unit Apt. Complex
January 19, 2018
Bluerock Value Exchange, an institutional alternative investment asset manager, sold Chace Lake Villas in Birmingham, AL to Rivergate Companies for $28.32 million, or approximately $107,000 per unit.

Bluerock Value Exchange acquired the property in September 2012 for $21.7 million, according to CoStar data, then completed a capital improvement program that increased net operating income (NOI).

The 264-unit apartment complex consists of one-, two- and three-bedroom units throughout 31 garden-style buildings. Chace Lake Villas was 97 percent occupied at the time of sale.

Fannie Mae originated the fixed-rate loan, with a 12-year term and five years of interest only, at a 75 percent loan-to-value. Charles Foschini and Christopher Apone of Berkadia’s South Florida office arranged the loan on behalf of the borrower.

Foschini said, "Chace Lake Villas represented a clear-cut opportunity to invest in an asset with quality construction and an in-place value-add campaign, creating significant room for revenue growth for the investor.”

Cushman & Wakefield of Georgia represented the seller.

Please see CoStar COMPS #4099004 for more information on this transaction.

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