Bluerock Value Exchange (BVEX), a sponsor of syndicated 1031 exchange offerings, reported that its latest program, BR Jefferson Place DST, has been fully subscribed by 1031 exchange investors. The $26 million equity offering is comprised of a Class A, 228-unit multifamily community located in the Washington D.C. suburb of Frederick, Maryland.
“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.”
Built in 2017, Jefferson Place is a Class A midrise apartment community situated on approximately 7.5 acres and located within Maryland’s I-270 Biotech Corridor. The property consists of seven, four-story residential buildings with one-, two-, and three-bedroom units with property amenities that include a 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.
Jefferson Place is located adjacent to the planned Jefferson Technology Park, a developing 173-acre, mixed-use development expected to comprise approximately 2.6 million square feet of commercial and residential space at final build out.
Bluerock Value Exchange focuses on Class A assets and has structured 1031 exchanges on more $1.3 billion in total acquisition cost and over 8.3 million square feet of property. Mountain Dell has ranked Bluerock Value Exchange among the top 4 sponsors of securitized 1031 exchanges with more than $113 million in total equity capital raised and more than $260 million in new property acquisitions in 2018.