04 Dec Bluerock Announces Successful Full Cycle Sale of Macon, GA 1031 DST Program
New York, NY (December 4, 2019) – Bluerock Value Exchange (BVEX) announced the successful sale of Ansley Village, a 294-unit apartment community located in Macon, Georgia (the “Property”). Bluerock acquired the investment property in May 2014 for approximately $30.9 million and successfully sold the property for approximately $34.15 million in October 2019; resulting in a 137% total return on equity investment, inclusive of distributions.
“We are very pleased to have delivered very attractive total returns to the Investors in Ansley Village ahead of our forecasted hold period”, said Josh Hoffman, President of BVEX. “In addition to the gain on sale, the property generated high cash distributions of over $4.6 million during the investment period which is a very important element to our DST Investors. These returns were primarily driven by the operational consistency of our asset and property management teams that maintained occupancy rates near 97% and successfully increased revenues and net operating income (NOI) over the investment period by a significant 21% and 32% respectively, added Hoffman.
This sale marks the fifth successful full-cycle DST property disposition by BVEX in 2019. In the aggregate, BVEX sold five properties for a combined $226 million as compared to total investor purchase price of $161 million, returning more than $122 million in total returns, inclusive of distributions, on $70 million of original equity, for an average annual return of approximately 17.9%.
The Property was acquired by BR Ansley, DST, a Delaware Statuary Trust (DST) structured for 1031 like-kind exchanges for accredited investors. Ansley Village is a garden style apartment community consisting of 294 units. Built in 2008, the Property contains 324,354 rentable square feet with floor plans averaging 1,103 square feet. Amenities include a resort-style swimming pool with waterfall, a clubhouse with 24-hour fitness center, an executive business center, a clothes care center, a playground, a dog park, garages, and storage units. The property is located along Interstate 475 in north Macon, approximately 75 miles south of Atlanta.
About Bluerock Value Exchange
Bluerock Value Exchange (BVEX) is a leading, national sponsor of Premier Exchange Properties™ and syndicated 1031 Exchange offerings with a focus on Class A properties that can deliver stable cash flows and with high potential for value creation. BVEX’s structured 1031 Exchanges programs include nearly $1.6 billion in total property value and approximately 9.1 million square feet of property. With capacity across nearly all real estate sectors and the ability to customize transactions for individual investors, BVEX is available to create programs to accommodate a wide range of tax requirements. To learn more, please visit Bluerock Value Exchange website at www.bluerockexchange.com.