Bluerock Value Exchange Sells North Carolina DST Property for $25 Million

Bluerock Value Exchange, a national sponsor of syndicated 1031 exchange offerings, has sold Alamance Reserve, a 240-unit apartment community located in in Burlington, North Carolina for $25 million.

Bluerock Value Exchange, a national sponsor of syndicated 1031 exchange offerings, has sold Alamance Reserve, a 240-unit apartment community located in in Burlington, North Carolina for $25 million.

The company originally purchased the property in January 2014 for $19.7 million and subsequently implemented unit renovations that increased resident demand and overall resale value, the company said. The property was acquired on behalf of BR Alamance DST, a Delaware statutory trust structured for 1031 like-kind exchanges for accredited investors.

“Our investment approach for this property as well as the majority of our investments is to identify unique apartment sector opportunities for which light value-add renovations can drive significant value,” said Josh Hoffman, president of Bluerock Value Exchange. “This approach has been very effective at enabling us to achieve our investment objectives while remaining competitive within our chosen markets.”

Alamance Reserve is a Class A multifamily community situated on 20 acres and located between Greensboro and Durham, North Carolina near Alamance Reserve Shopping Center and the Alamance Regional Medical Center.

Property amenities include a saltwater pool, playgrounds, covered car wash, tennis courts, disc golf course, jogging path, putting greens, and 24-hour fitness center.

The company’s capital improvement program, which the company said contributed to an NOI increase of 21 percent over the 4-year hold period, were aimed at increasing retention and driving rental rate increases.

Improvements included upgrades to kitchen cabinet hardware, appliances and countertops; upgrades to bathroom hardware, as well as upgrades to lighting, fixtures and flooring throughout the units.

Bluerock Value Exchange invests primarily in Class A assets in growth markets throughout the U.S. The company has structured 1031 exchanges on $1 billion in total property value and more than 7 million square feet of property.

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