Development

Park & Kingston apartments sold for total of $30.7 million

Park & Kingston Apartments
Park & Kingston Apartments

A South End apartment building has been sold to a real estate investment trust for $30.7 million, the company said Monday.

The Park & Kingston Apartments are on Kingston Avenue, near the Blue Line light rail. Bluerock Residential Growth REIT bought 153 of the units earlier this year through a joint venture, and has now purchased the remaining 15 units.

The 168 studio and one-bedroom apartments fetched $183,000 each, which Bluerock said compared well with the $210,000 to $240,000 per unit price of other similar projects.

“Park & Kingston is one of the highest-quality, most well-located and well-constructed multifamily communities in a premier submarket and it has been performing in line with expectations since our initial acquisition in March,” said Ramin Kamfar, CEO of Bluerock. “We’re pleased that we were able to structure and close this complex, two phase transaction successfully and believe that, with construction complete, the property will deliver on our expectations for strong rent growth going forward.”

Ely Portillo: 704-358-5041, @ESPortillo

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