NEW YORK, March 27, 2018 /PRNewswire/ -- Bluerock Value Exchange ("BVEX") announced today the sellout of its latest 1031 exchange program, BR Glenwood, DST, a Class A, 216-unit, apartment community located in Atlanta, Georgia. The offering, was made available to accredited investors seeking to complete a 1031 exchange as well as to those wanting to make direct cash investments, was fully subscribed for more than $22 million in capital in less than 50 days.
Completed in 2016, Glenwood is an elegant, class A urban infill midrise apartment community in the rapidly redeveloping and sought-after East Atlanta area, a submarket that has sustained rent growth of more than 50% over the past five years. The property benefits from its location directly along the Atlanta Beltline extension, a developing, 22-mile multi-use trail, with walkability options that command significant rent premiums. The proximity to and continued evolution of the Beltline is enabling Glenwood to generate steady cash flow with significant upside in rents, in keeping with the value creation strategy of BVEX.
"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.
BVEX invests in high quality, class A 1031 replacement properties with clear potential for attractive current cash flow and capital growth. "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," Mr. Hoffman said.
The Glenwood property is a well-branded, best-in-class development consisting of a 4-6-story residential building on approximately 2.3 acres. Residents can choose from amply-sized studio, one and two-bedroom units featuring high-quality construction as well as an abundance of attractive, modern amenities including a resort-style, sparkling salt water pool and sun deck, modern 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. The property is located in the Glenwood Park neighborhood, a redeveloped, "new urbanist" community approximately 2 miles east of downtown Atlanta.
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. Bluerock has structured 1031 exchanges on over $1.1 billion in total acquisition cost and over 7.5 million square feet of property. With capacity across nearly all real estate sectors and the ability customize transactions for individual investors, BVEX is available to create programs to accommodate a wide range of tax requirements. To learn more, please visit BVEX's website at www.bluerockexchange.com.
BR Glenwood, DST is a closed investment program; not open to new investment.
SOURCE Bluerock Value Exchange