Bluerock Value Exchange, a sponsor of syndicated 1031 exchange offerings, announced the sale of Glenwood at Grant Park, a 216-unit midrise apartment community located in Atlanta, Georgia.
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, Bluerock says the property paid consistent monthly distribution rates ranging from 5.10% to 5.32% per year, including excess distributions paid in certain years due to outperformance, totaling nearly $6.6 million to investors.
The company says 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% internal rate of return.
“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 Bluerock Value Exchange. “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 structured for 1031 like-kind exchanges for accredited investors. The property, built in 2016, is located approximately two miles east of downtown within the Glenwood Park neighborhood.
Bluerock Value Exchange focuses on structured 1031 exchanges on more $2.5 billion in total property value and over 13 million square feet of property.