NEW YORK, Feb. 16, 2017 /PRNewswire/ -- Bluerock Value Exchange ("BVEX") announced today the sellout of its latest 1031 exchange program, BR Riverside, DST, a Class A, 310-unit, apartment community known as "The Brooklyn Riverside" located in Jacksonville, Florida.
Completed in 2016, The Brooklyn Riverside is a modern, class A apartment community in a strong and growing economic metro, the emerging Brooklyn/Riverside area of the greater downtown area of Jacksonville. The property benefits from its location in a mixed-use urban community and, in keeping with the value creation strategy of BVEX, is delivering steady current cash flow with a measurable opportunity for added value as the property leases up. The Brooklyn Riverside property was purchased for $59,129,400 million which was significantly below stabilized appraised value.
Bluerock Value Exchange was formed to deliver high quality class A 1031 replacement properties with the capacity to deliver both attractive current cash flow, and future value creation. "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. Bluerock has acquired nearly $900 million in properties, comprising more than 6.5 million square feet of real estate
Riverside is a best-in-class development consisting of seven, three-story residential buildings on approximately 8.2 acres. The community offers one- and two-bedroom floor plans averaging nearly 840 square feet and features high-quality modern construction as well as an abundance of attractive amenities including a modern 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. The property is located adjacent to restaurants and within easy commuting distance (approximately one mile) from the Jacksonville Central Business District.
About Bluerock Value Exchange
BVEX 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. With capacity across nearly all real estate sectors and the ability to customize transactions for individual investors, BVEX is available to create programs to accommodate a wide range of tax requirements. The company is a subsidiary of Bluerock Real Estate, a national real estate investment firm founded to provide smart institutional investments to accredited investors. Bluerock's current portfolio consists of more than 19 million square feet of multifamily, office and retail properties with over $2.8 billion of managed assets across the United States. Bluerock's 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. To learn more, please visit BVEX's website at www.bluerockexchange.com.
BR Riverside, DST is a closed investment program; not open to new investment.
This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. the securities discussed herein are now unavailable for purchase from the issuer. Should an investor consider purchasing any securities, they should refer to the terms of that security's confidential Private Placement Memorandum or similar offering document, paying careful attention to the risks associated with such security. The investor should also fully investigate the security and speak with its attorney and/or Certified Public Accountant or other knowledgeable professionals. Other securities may have terms which differ materially from the security discussed herein.
There are material risks associated with investing in real estate, DST and 1031 exchange properties. These include, but are not limited to, tenant vacancies; declining market values; potential loss of entire investment principal; that past performance is not a guarantee of future results; that potential cash flow, potential returns, and potential appreciation are not guaranteed in any way; adverse tax consequences and that real estate is typically an illiquid investment.
IRC Section 1031, IRC Section 1033, and IRC Section 721 are complex tax codes; therefore, you should consult your tax and legal professional for details regarding your situation.
Securities were offered through registered representatives of Bluerock Capital Markets LLC, a Massachusetts limited liability company, a member of the Financial Industry Regulatory Agency ("FINRA") and an affiliate of the BVEX, who served as Managing Broker-Dealer for the offering and on a "best efforts" basis through the broker-dealers participating in the offering, who are also members of FINRA.
© 2017 BLUEROCK REAL ESTATE, L.L.C. ALL RIGHTS RESERVED.
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SOURCE Bluerock Real Estate