14 Feb Bluerock Value Exchange Reports Fast Sellout of Maryland Class A Multifamily 1031 Exchange Offering
NEW YORK (Feb. 14, 2019) – Bluerock Value Exchange (“BVEX”) announced today the full subscription of its latest 1031 exchange program, BR Jefferson Place, DST, a Class A, 228-unit, apartment community located in Frederick, Maryland, a growing suburb in the Washington, D.C. metro area. The $26 million equity offering, which was made available to accredited investors seeking to complete a 1031 exchange, was fully reserved in less than 90 days.
Nationally, BVEX ranked among the top 4 sponsors of securitized 1031 exchange with more than $113 million in total equity capital raised and more than $260 million in new property acquisitions in 2018†.
“Jefferson Place is an ideal value creation opportunity with its adjacent location to the new mixed-use Tech Park and immediate access to the I-270 and ‘DNA Alley’ Employment Corridor,” said Josh Hoffman, President of BVEX. “The property’s newer construction and top-of-the-market-amenities caters to an affluent resident base and has shown high occupancy levels which provides a great opportunity for stabilized current income, long-term rent growth and value creation potential for our investors,” noted Hoffman.
Built in 2017, Jefferson Place is a class A, midrise apartment community located within Maryland’s I-270 Biotech Corridor. The property consists of 7 four-story residential buildings on approximately 7.5 acres. Residents can choose from amply-sized one, two, and three-bedroom units featuring high-quality construction as well as an abundance of attractive, modern amenities including a South Beach inspired swimming pool with poolside grilling areas, a fitness center with a private training room featuring Virtual Fitness on Demand, a game room with pool table and shuffleboard, and detached garages in select units. The property is located along Highway 340 in southwest Frederick, adjacent to the planned Jefferson Technology Park, a developing 173-acre, mixed-use development expected to comprise approximately 2.56 million square feet of commercial and residential space at final build out.
About Bluerock Value Exchange
BVEX is a national sponsor of premier exchange properties™ and syndicated 1031 exchange offerings with a focus on class A assets that can deliver stable cash flows and with the potential for value creation. Bluerock has structured 1031 exchanges on over $1.3 billion in total acquisition cost and over 8.3 million square feet of property. With capacity across nearly all real estate sectors and the ability customize transactions for individual investors, BVEX is available to create programs to accommodate a wide range of tax requirements.