Bluerock Residential Growth REIT Inc., a New York-based real estate investment trust and Dallas-based Trammel Crow Residential are partnering to develop yet another luxury apartment complex in Houston.
Alexan Balira House will be a 269-unit, Class A apartment community near Rice University, in Houston’s Inner-Loop. BRG and affiliates of Bluerock Real Estate LLC will contribute approximately 90 percent of the equity required for the development, and Trammell Crow will contribute the rest.
According to a filing with the U.S. Securities and Exchange Commission, the total project cost is expected to be $48.6 million, which is about $181,000 per unit. A construction loan for $31.6 million from Bank of America N.A. is planned to be secured by the
…