New York-based Bluerock Residential Growth REIT said Thursday that it’s purchased the Wesley Village Apartments just outside of uptown for just under $56.9 million.
The company is planning $2 million worth of renovations, adding features to individual units and common spaces. With 301 units, the purchase price works out to about $189,000 per unit.
The apartments were completed in 2010, and the development near Freedom Road and Thrift Road includes studio, one- two- and three-bedroom units, a saltwater pool, gym, game room with billiards and a dog park. The area around Wesley Village, dubbed FreeMoreWest, has also seen rapid growth in recent years, with new apartments, businesses and single-family houses moving into the neighborhood west of uptown.
“The Wesley Village Apartments property is squarely in the path of growth for Bluerock. We were able to purchase the property at a very favorable cost basis and, with implementation of value-added improvements and management efficiencies, we are confident that Wesley Village will be a strong performer for the REIT as well as a highly-competitive player in its market,” said Ramin Kamfar, Bluerock’s CEO, in a statement.
Bluerock owns the Ashton Reserve and Park & Kingston apartments in Charlotte. The company is also a partner in a 286-unit, $60 million apartment project under construction near Wesley Village on West Morehead Street. Those apartments are expected to open in late 2018.