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CNL Growth Properties JV to Sell Atlanta Multifamily Property to Bluerock

A joint venture between CNL Growth Properties Inc., a publicly registered non-traded real estate investment trust, and LMI City Walk Investor Inc., agreed to sell Roswell City Walk to Bluerock Real Estate for $76 million.

Roswell City Walk is a class A, 320-unit multifamily property located in the Atlanta suburb of Roswell Georgia. The joint venture originally purchased nearly 11 acres of land in November 2013 to construct the apartment community which had a development budget of approximately $46 million. CNL Growth Properties owns a 75 percent interest in the City Walk property.

Bluerock paid a $750,000 earnest money deposit and will pay an additional $750,000 if they do not terminate the agreement before September 30th. The sale is expected to close on October 28th, however, Bluerock may extend the closing date to November 29th if they provide advanced notice and pay an additional $375,000.

Bluerock Real Estate sponsors Bluerock Residential Growth REIT (NYSE: BRG), a publicly-traded REIT, and Bluerock Total Income+ Real Estate Fund, an interval fund.

In other CNL Growth Properties news, the company recently declared a special cash distribution of $52.9 million, or $2.35 per share to stockholders after selling three multifamily communities in its portfolio. Last month, the REIT’s shareholders approved a plan to dissolve the company – which is expected to take between 12 and 24 months to complete.

CNL Growth Properties went effective in October 2009 and closed in April 2014 after raising $207 million in investor equity. The company’s portfolio consists of 10 class A multifamily properties located in the Southeastern and Sun Belt regions of the United States.

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