Bluerock Completes Florida Multifamily DST Offering
Bluerock Real Estate completed its latest 1031 exchange program, BR Clearwater DST, a 240-unit, Class A apartment community located in Clearwater, Florida. The purchase price of the property was $46.2 million, with $19.1 million raised in investor capital.
The company reported that the securities offering was fully subscribed in less than 60 days.
Built in 2014, the Clearwater property is a Class A apartment community consisting of nine, three-story residential buildings on approximately 18.4 acres. The community offers one-, two-, and three-bedroom floor plans averaging 1,014 square feet and includes a resort-style swimming pool, poolside lanai, a jumbo clubhouse with a fitness center, grilling stations, an activity courtyard, a cyber café, a jogging trail, gated access, lake views, a tot lot, a billiards lounge, and detached garages.
“The demand from our advisor base is very strong in the current cycle, with independent broker-dealers calling for high quality, 1031 replacement properties from established national sponsors with proven performance records,” said Ramin Kamfar, Bluerock’s founder and chief executive officer. “This is a space that we remain committed to for the long term.”
Bluerock reported that the property, which was acquired from the developer in final lease-up, was purchased at a $3.3 million discount to the fully leased, third-party appraised value creating immediate value for investors.
Bluerock selected Alliance Residential to serve as the onsite property manager. Alliance is one of the largest private U.S. multifamily companies in the United States with a $14 billion portfolio and offices throughout the West, Southwest, South-Central, Southeast, Mid-Atlantic and Northeast.
Bluerock Real Estate is a national real estate investment firm founded to provide institutional investments for individual investors. The company’s current portfolio consists of more than 12 million square feet of multifamily, office and retail properties with more than $2 billion of managed assets across the United States.
