Baker Tilly US LLP, an advisory, tax and assurance firm and sponsor of tax-advantaged real estate investments, has fully subscribed its first Delaware statutory trust offering, Quarters at Bloomington, after raising $26.5 million from accredited investors.
The DST offering launched in late March 2022 and was fully subscribed the first week of July.
Quarters at Bloomington is a five-building, 477-bed student housing community located near the Indiana University Bloomington campus. The development consists of studio, one-, two-, three-, and four-bedroom apartments and is within walking distance to campus, restaurants, parks, athletic venues and nightlife. The buildings were completed in 2018.
“We’re excited to complete our first DST offering and look forward to bringing additional student housing DST assets to the marketplace this year and beyond,” said Michael Fitzpatrick, Baker Tilly partner and executive vice president and chief financial officer of BT REI Manager LLC, the firm’s subsidiary that sponsors tax-advantaged investment offerings.
He added, “Luxury, off-campus, student housing assets are highly sought after in the student community and performed very well over the last few academic years, despite periods of remote learning.”
BT REI is led by investment bankers and real estate finance specialists that have experience advising clients of Baker Tilly in sourcing, vetting, structuring, acquiring, overseeing and liquidating commercial real estate assets.
“We are very excited with the acceptance of Baker Tilly into the retail channel, the speed of completing the offering, and partnering with exceptional syndicate members,” said Mark Aitchison, Baker Tilly senior manager and BT REI’s director of capital markets.
Baker Tilly, an advisory CPA firm, is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 148 territories and a combined worldwide revenue of $4.3 billion.