Bluerock Completes Successful Full-Cycle Sale of GA Multifamily 1031 Exchange DST Property; 7th Full-Cycle DST Within Past Year
New York, NY (August 15, 2023) – Bluerock Value Exchange (BVEX) announced the sale of Glenwood at Grant Park, a 216-unit midrise apartment community located in Atlanta, GA. Bluerock offered the 1031 exchange property in December 2017 and successfully sold the property in July 2023 resulting in a 138% net total return over an approximate 5.5 year holding period. In addition to the capital appreciation, the property paid consistent monthly distribution rates ranging from 5.10% – 5.32% per year, including excess distributions paid in certain years due to outperformance, totaling nearly $6.6 million to investors. The sale represents Bluerock’s 27th full-cycle DST program and its seventh over the past 12 months all of which generated positive returns with an average approximate 13% IRR.
“We are very pleased to have delivered consistent cash distributions during the hold period, including during the pandemic, along with attractive total returns to investors over a shorter-term hold period,” said Josh Hoffman, President of BVEX. “In addition, our seven full-cycle DST programs within the past year has demonstrated that a highly experienced sponsor with expertise in selecting the right sectors and markets can provide the ability to generate attractive income and appreciation even during challenging interest rate and cap rate environments,” added Hoffman.
The property was acquired by BR Glenwood, DST, a Delaware Statuary Trust (DST) structured for 1031 like-kind exchanges for accredited investors. The property, built in 2016, is located approximately two miles east of the heart of downtown within the Glenwood Park neighborhood, a $150 million, award-winning development, featuring a mix of well-designed homes and commercial spaces and was highly sought after for its high-end finishes, amenity-rich services, and live-work-play dynamics.
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 industrial and residential properties that can deliver stable cash flows and with high potential for value creation. BVEX’s structured 1031 Exchanges programs include nearly $2.5 billion in total property value and approximately 13 million square feet of property. To learn more, please visit our website at bluerockexchange.com.