Summit Walia Of The RMR Group Acquires Arium At Perimeter Park From Bluerock Real Estate For $62M

The transaction involves a multi-family asset located at 1001 Carrington Park Circle in Morrisville, NC. The property is a 266-unit apartment complex that was sold for $62,000,000, equating to a per-unit price of $233,083.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $62,000,000
• Buyer: Summit Walia - The RMR Group
• Seller: Bluerock Real Estate
• Units: 266
• PPU: $233,083

Bluerock Real Estate acquired the property for $52,000,000 five years prior to this transaction. The RMR Group plans to invest an additional $7,000,000 in upgrades and is focusing on the Triangle market under its Arium multifamily brand.