Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) ("BRG" or the "Company") announced today that it has closed on the sale of its Springhouse Apartment Homes property ("Springhouse"), located in Newport News, Virginia. The property, which encompasses 24 two-story apartment buildings, 413 apartment rental units and 28 acres, sold for $38.2 million, generating an internal rate of return of approximately 17% on BRG's equity investment in the project, for a return on equity of 1.8x. The Company acquired the property in 2009.

"With the sale of Springhouse, BRG continues to fulfill our commitment to strategic recycling of capital. We plan to redeploy capital from the transaction into higher-growth assets located within our current target markets," said Ramin Kamfar, Chairman and CEO of BRG.

BRG expects the sale to generate approximately $9 million of net proceeds for reinvestment.