The deal closes out a $1.2 billion fund, managed by TA Realty, called Realty Associates Fund XII. The fund focused on acquiring value-add industrial, office and multifamily assets as well as grocery-anchored shopping centers in major U.S. markets.
Enders Place at Baldwin Park is a 220-unit multifamily community at 4220 New Broad Street.
Bluerock originally invested in Enders Place as a fractured condominium in 2012, acquiring 198 condos of the 220-unit development with joint venture partner Waypoint Residential.
Two years later, Bluerock took ownership of the property after acquiring the remaining 22 units and increasing its ownership interest.
Chris Fiscelli, Bluerock’s director of investment research, told GrowthSpotter the company was attracted to the urban design of Baldwin Park, which centers around several community parks and commercial centers.
“It’s was a nice value-add opportunity,” Fiscelli said. It took several years for Bluerock to purchase enough condos to be able to take ownership of the condominium complex.
Enders Place was built in 2003 as the Centergate Baldwin Park Apartments before Lexin Capital of New York converted the rental project into condominiums.
“When [the housing market] is strong you want convert for sale," Fiscelli said. “When its weak, relative to rentals, then you want to covert the other way.”
The complex consists of 29 two- and three-story buildings. Units feature patios and balconies, crown molding, roman tubs and European style cabinetry. Residents have access to a community, resort-style pool.
TA Realty has raised more than $10.5 billion of equity for its value-add funds. Since its inception in 1982, the company has acquired over 1,000 industrial, office, multifamily and retail properties, according to its website.
Last year it sold a 230,371-square-foot Maitland office building to a joint venture between KBS Realty Advisors and the Singapore conglomerate Keppel Corp. for $48.5 million. TA Realty paid $33.1 million for the Maitland Promenade I building in 2014.
Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.