Bluerock Value Exchange Reports Quick Sellout of Maryland Multifamily Offering
The $26-million equity offering was fully reserved in less than 90 days, the company reports.
FREDERICK, MD—New York City-based Bluerock Value Exchange reports the full subscription of its latest 1031 exchange—BR Jefferson Place, DST—a 228-unit Class A multifamily property here.
The $26-million equity offering was fully reserved in less than 90 days, the company reports. The offering was made to accredited investors. BR Jefferson Place, DST is a closed investment program and not open to new investment.
“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,” says 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, mid-rise apartment community located within Maryland’s I-270 Biotech corridor that consists of seven, four-story residential buildings on approximately 7.5 acres. The property offers one, two and three-bedroom units. Amenities include a South Beach inspired 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.
The property is located along Highway 340 in southwest Frederick, adjacent to the planned Jefferson Technology Park, a developing 173-acre, mixed-use development expected to comprise approximately 2.56 million square feet of commercial and residential space at final build out.
In October of last year, Bluerock Value Exchange completed its offering of BR Grand at Westside, DST, a class A, 336-unit, apartment community located in Kissimmee, FL. The offering was fully subscribed for nearly $33 million in capital in less than 90 days.
Last year, Bluerock Value Exchange ranked among the top four sponsors of securitized 1031 exchanges with more than $113 million in total equity capital raised and more than $260 million in new property acquisitions.
Bluerock Value Exchange has structured 1031 exchanges on more than $1.3 billion in total acquisition cost and more than 8.3 million square feet of property.