NEW YORK, Jan. 13, 2016 /PRNewswire/ -- Bluerock Real Estate ("Bluerock" or "Company") announced today the sellout of its latest 1031 exchange program, BR Clearwater DST, a Class A, 240-unit, apartment community located in Clearwater, Florida. The Company reports that the securities offering, which was released in mid-September, was fully subscribed in less than 60 days for over $19 million in capital.
The Clearwater property is a newly constructed, highly amenitized class A apartment community in a major economic metro and is located in Florida's most densely populated county (the "Property").
"The demand from our advisor base is very strong in the current cycle, with independent broker-dealers calling for high quality, 1031 replacement properties from established national sponsors with proven performance records," said Ramin Kamfar, Bluerock's Founder and CEO. "This is a space that we remain committed to for the long term."
Bluerock reported that the Property, which was acquired from the developer in final lease-up, was purchased at a $3.3 million discount to the fully leased, third-party appraised value creating immediate value for investors.
Built in 2014, the Clearwater property is a best-in-class development consisting of nine, three-story residential buildings on approximately 18.4 acres. The community offers one-, two-, and three-bedroom floor plans averaging 1,014 square feet and features brand new, high-quality construction as well as an abundance of attractive, modern amenities including a resort-style swimming pool, poolside lanai, a jumbo clubhouse with a fitness center, grilling stations, an activity courtyard, a cyber cafe, a jogging trail, gated access, lake views, a tot lot, a billiards lounge, and detached garages. It is located minutes from the world-famous Clearwater Beaches.
Bluerock selected Alliance Residential ("Alliance") to serve as the onsite manager for the Property. Alliance is one of the largest private U.S. multifamily companies in the United States with a $14 billion portfolio and offices throughout the West, Southwest, South-Central, Southeast, Mid-Atlantic and Northeast.
About Bluerock Real Estate
Bluerock Real Estate is a national real estate investment firm founded to provide smart institutional investments for individual investors. Bluerock principals have over 100 years aggregate experience and have transacted on over 30 million square feet and $10 billion in acquisitions, primarily on behalf of leading U.S. institutional investors. Bluerock's current portfolio consists of more than 12 million square feet of multifamily, office and retail properties with over $2 billion of managed assets across the United States.
BR Clearwater DST is a closed investment program; not open to new investment.
© 2016 BLUEROCK REAL ESTATE, LLC. ALL RIGHTS RESERVED.
SOURCE Bluerock Real Estate