BRG Closes Investment in Alexan CityCentre, a 340-Unit Class A Development in Houston; Announces Trammell Crow Residential as

BRG Closes Investment in Alexan CityCentre, a 340-Unit Class A Development in
Houston; Announces Trammell Crow Residential as Development Partner

Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) ("BRG" or "the
Company") announced today that it has made a convertible preferred equity
investment in a joint venture with Trammell Crow Residential ("TCR"), which
was formed to develop a Class A rental apartment community known as Alexan
CityCentre. Sized at approximately 340 units, the development is centrally
located within the Houston, Texas Energy Corridor submarket, adjacent to
CityCentre, a prominent 37-acre mixed use development complex encompassing 1.8
million square feet of office, hotel, retail, and residential space.

NEW YORK, N.Y., July 8, 2014 (GLOBE NEWSWIRE) -- via PRWEB - BRG's
underwriting projects a trended return on cost for the project of over 7.0% at
stabilization, for value creation of 200 to 250 basis points versus sales of
comparable multifamily communities in the Houston, Texas area at 4.5% - 5.0%,
the Company said. The investment is forecast to generate a 15% AFFO yield
during the development phase.

BRG expects to invest approximately $6.5 million of preferred equity, and
together with affiliates of Bluerock Real Estate LLC, will contribute
approximately 90% of the required equity for the development, with the balance
contributed by TCR. Once the project is developed and 70% leased, BRG will
have a right to convert its preferred equity investment into a
control-position common membership interest in the managing member of the
joint venture. Pending exercise of this conversion right, BRG will be entitled
to a current-pay preferred return on its investment of 15% per year.

"TCR is a premier developer and a preferred builder in major markets across
the country, with a track record of delivering measurable value, both
strategic and operational, to the developments with which it is associated. We
are extremely pleased to be able to work with them to bring this project to
life," said Ramin Kamfar, Chairman and CEO of BRG.

Alexan CityCentre will be situated in close commuting proximity to two West
Houston employment nodes: the Energy Corridor, which houses 20.3 million
square feet of office space and a reported 84,000 employees, as well as the
Westchase District, which has approximately 14.3 million square feet of office
space and 82,000 employees. Companies within these employment centers include
BP America, Citgo, ConocoPhillips, Dow Chemical, ExxonMobil Chemical, Shell
Oil Exploration and Production, Sysco and WorleyParsons, among others.

To attract the high income demographic working in the Energy Corridor and
Westchase District, and to best leverage its location, the venture plans to
build product that is considered high end for the submarket, featuring
approximately 277 one-bedroom units and approximately 63 two-bedroom units,
averaging 829 square feet. In addition to premium finishes and appliances, the
complex will feature high-quality community amenities such as a resort quality
pool, state of the art fitness facility, concierge, and business center.

The foregoing items were addressed and disclosed by the Company in a Current
Report on Form 8-K filed on July 8, 2014 with the Securities and Exchange
Commission.

About Bluerock Residential Growth REIT, Inc.

Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) is a real estate
investment trust formed to acquire a diversified portfolio of
institutional-quality apartment properties in demographically attractive
growth markets throughout the United States. The Company has elected to be
taxed as a real estate investment trust (REIT) for U.S. federal income tax
purposes.

About Trammell Crow Residential

Trammell Crow Residential ("TCR") is a premier multifamily real estate firm
whose entities develop, construct and acquire multifamily communities of the
highest standard. TCR owns approximately 16,000 apartment units nationwide,
with an additional 5,000 new units under construction or planned to begin in
2014. TCR has been in business for more than three decades, and has developed
more than 225,000 multifamily units in most major markets across the country.

Forward Looking Statements

This press release contains forward looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and other federal
securities laws. Forward looking statements are statements that are not
historical, including statements regarding management's intentions, beliefs,
expectations, representations, plans or predictions of the future, and are
typically identified by such words as "believe," "expect," "anticipate,"
"intend," "estimate," "may," "will," "should" and "could." Because such
statements include risks, uncertainties and contingencies, actual results may
differ materially from those expressed or implied by such forward looking
statements. These forward looking statements are based upon the Company's
present expectations, but these statements are not guaranteed to occur,
including the property's ability to attract target renters, management's
commentary regarding Trammell Crow's track record, and the attractiveness and
implied value of the property. Furthermore, the Company disclaims any
obligation to publicly update or revise any forward-looking statement to
reflect changes in underlying assumptions or factors, of new information, data
or methods, future events or other changes. Investors should not place undue
reliance upon forward looking statements. For further discussion of the
factors that could affect outcomes, please refer to discussions of risk
factors as detailed in filings by the Company with the Securities and Exchange
Commission ("SEC"), including our periodic reports. We claim the safe harbor
protection for forward looking statements contained in the Private Securities
Litigation Reform Act of 1995.

This article was originally distributed on PRWeb. For the original version
including any supplementary images or video, visit
http://www.prweb.com/releases/2014/07/prweb12004789.htm

CONTACT: Bluerock Real Estate
         Joshua Hoffman
         jhoffman@bluerockre.com
         +1 (208) 475-2380
 
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