BV Capital, a member of the Bridgeview family of companies, announced it has fully subscribed the company’s inaugural offering, BV Design Multifamily DST.
BV Capital says they raised $31.14 million for the acquisition and renovation of the 214-unit project in the Dallas’ Design District.
BV Capital says the DST, which is a Regulation D private placement, funded the acquisition of The Dunhill, soon to be rebranded The Adelphi, at 1900 Hi Line Dr.
“We saw The Dunhill as an excellent opportunity to provide the DST space with a value-add, core-plus investment at a five-star location,” says Rob Anderson, BV Capital’s president. “It’s rare to see a product of this caliber in the DST marketplace.”
Completed in 2010, The Dunhill is a four-story wrap-around design with a parking garage on 4.11 acres. Amenities include a saltwater pool with underwater speakers, clubhouse, high-tech gym, business center, amphitheater, outdoor picnic areas and dog park. The units range from 665 square feet to 1,671 square feet, a mix of studios and one- and two-bedroom floor plans.
The Dunhill is situated in the Design District, a neighborhood with a collection of small shops and entertainment venues that are within walking distance of the property. Directly across the street is trailhead access to the first phase of the Trinity Strand Trail, a walking and biking path that will stretch 7.8 miles along the original channel of the Trinity River to the Katy Trail in Uptown at completion.
The Dunhill is two miles from the Central Business District and less than one mile from Uptown Dallas, both of which are large employment centers.
“The Dunhill is just the beginning for us in the DST market, where we expect to provide more value-add investment opportunities,” says Steve May, Bridgeview’s president and founder. “We are excited to be in this space.”
BV Capital is Bridgeview Real Estate’s private equity company. Bridgeview is a privately held owner, developer and operator of commercial real estate in Texas with a primary focus on multifamily, office and mixed-use properties.