Bluerock Residential Growth REIT, Inc. (AMEX:BRG) and unknown buyer entered into an agreement to acquire Wesley Village Development, LP from KBS Legacy Partners Apartment REIT, Inc. for $58 million on December 29, 2016. As per terms, Bluerock Residential Growth REIT will acquire 91.9% interest. If Bluerock Real Estate fails to complete the acquisition, it may forfeit up to $1 million of earnest money. The transaction is subject to closing conditions. On January 27, 2017, Bluerock Residential Growth REIT provided notice of its election to terminate the agreement as a result of certain issues related to the survey of the property upon the expiration of its title review period Bluerock Residential Growth REIT also demanded the return of its earnest money deposit pursuant to the agreement. On January 30, 2017, a reinstatement of and first amendment to the agreement was signed. Pursuant to the first amendment, Bluerock Residential Growth REIT rescinded its demand for the return of its earnest money deposit. As of January 30, 2017, purchase price was reduced to $57.7 million from $58 million and the due diligence period was extended by 11 days to February 8, 2017. On February 8, 2017, second amendment to the agreement was signed. Pursuant to the second amendment, the due diligence period was extended to February 10, 2017 from February 8, 2017. On February 10, 2017, third amendment to the agreement was signed. Pursuant to the third amendment, the due diligence period was extended to February 15, 2017 from February 10, 2017. On February 15, 2017, fourth amendment to the agreement was signed. Pursuant to the fourth amendment, the due diligence period was extended to February 17, 2017 from February 15, 2017. On February 17, 2017, fifth amendment to the agreement was signed. Pursuant to the fifth amendment, purchase price was reduced to $57.2 million from $57.7 million and the closing date was extended to March 9, 2017 from February 28, 2017. The proceeds from the transaction will be used by KBS Legacy Partners Apartment REIT to make renovations at certain of its remaining properties and pay a special distribution to its stockholders. Matthew Lawton of Holliday Fenoglio Fowler, L.P. marketed Wesley Village on behalf of KBS Legacy Partners Apartment REIT.