Bluerock Residential Growth REIT, which owns nine apartment properties in the Southeastern US, announced terms for its IPO on Thursday. The New York, NY-based company plans to raise $50 million by offering 3.3 million shares at $15 per share. At the midpoint of the proposed range, Bluerock Residential Growth REIT would command a fully diluted market value of $81 million.
Bluerock Residential Growth REIT, which was founded in 2008 and booked $22 million in sales for the 12 months ended December 31, 2013, plans to list on the NYSE under the symbol BRG. Wunderlich Securities is the sole bookrunner on the deal.
