Bluerock Value Exchange, a national sponsor of syndicated 1031 exchange offerings, has fully subscribed its latest 1031 exchange program, BR Glenwood DST, a Class A, 216-unit, apartment community located in Atlanta, Georgia.
The offering was fully subscribed for more than $22 million in capital in less than 50 days by accredited investors seeking to complete a 1031 exchange, as well as those wanting to make direct cash investments.
Completed in 2016, the midrise multifamily property is located in the Glenwood Park neighborhood, a redeveloped, “new urbanist” community approximately two miles east of downtown Atlanta. The rapidly redeveloping East Atlanta submarket has sustained rent growth of more than 50 percent over the past five years.
The property is located directly along the Atlanta Beltline extension, a developing, 22-mile multi-use trail that command significant rent premiums. The company noted that Glenwood’s close proximity to the Beltline enables it to generate steady cash flow with significant upside in rents.
“The Glenwood property’s relatively low purchase price relative to appraised value as well as its proximity to the city’s most desirable retail districts and transformative mixed-use developments, presented an opportunity for built-in value creation,” said Josh Hoffman, president of BVEX.
“Glenwood fits very neatly in the BVEX portfolio. The property is a stabilized asset in one of the top metro areas in the nation with tremendous upside based on its location along the developing Atlanta Beltline,” he added.
Situated on more than two acres, Glenwood consists of a four-to-six story residential building with studio, one-, and two-bedroom units. Property amenities include a salt water pool and sun deck, clubhouse with HDTVs, a bar, ping pong, wall scrabble, vintage video game console, 24-hour strength and cardio, yoga/spin studio, bocce courtyard with fire pit and grilling areas, business and conference center with coffee bar, a multi-level covered parking deck with controlled access entry gates, dog spa, bike repair stations and storage.
Bluerock Value Exchange invests primarily in highly-amenitized multifamily apartments in growth markets throughout the U.S. The company has structured 1031 exchanges on $1.1 billion in total property value and more than 7.5 million square feet of property.
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