Bluerock Value Exchange has sold out its latest 1031 exchange program, BR Riverside DST, a 310-unit multifamily community known as The Brooklyn Riverside located in Jacksonville, Florida. The Brooklyn Riverside property was purchased for $59.1 million, which the company said was “significantly” below stabilized appraised value.
Completed in 2016, The Brooklyn Riverside is a class A multifamily community in the Brooklyn/Riverside area near downtown Jacksonville and one mile from the city’s central business district. The property is comprised of seven, three-story residential buildings on approximately 8.2 acres and offers one- and two-bedroom floor plans averaging nearly 840 square feet.
The company noted that the property is delivering steady current cash flow with an opportunity for added value as the property leases up.
“There is strong demand from independent broker-dealers for cash-flowing properties from established sponsors with strong and proven performance, and we are actively working to address that demand,” said Ramin Kamfar, founder and CEO of Bluerock Real Estate, BVEX’s parent company.
Property amenities include a pool with dual aqua decks, fire pit and grilling stations, an outdoor living room, regulation-sized bocce court, TV and billiards bar/lounge, private conference room with audio-visual capabilities, as well as an on-site event stylist with and monthly socials.
Bluerock Value Exchange is a national sponsor of syndicated 1031 exchange offerings with a focus on class A assets that can deliver stable cash flows and with the potential for value creation. The company is a subsidiary of Bluerock Real Estate, a national real estate investment firm founded to provide institutional investments to accredited investors. Bluerock’s current portfolio consists of more than 19 million square feet of multifamily, office and retail properties with more than $2.8 billion of managed assets across the United States.