Bluerock Value Exchange (BVEX), a 20-year, national sponsor of 1031 exchange and Delaware Statutory Trust (DST) investment programs, announced it has fully subscribed the $66 million offering of BR Amira, DST, which, including leverage, had a total purchase price of $122.7 million. Bluerock reported that it has sponsored more than $2.8 billion in full-cycle and on-going 1031 exchange programs.
“We believe this is a very timely and favorable entry point for investing in apartments. The sector is poised to greatly benefit with forecasted increasing rents driven by a significant undersupply of new housing options, the high cost of home ownership compared to renting, which is currently at its widest gap on record, and continued high household formation,” said Josh Hoffman, President of BVEX. “We selected Amira due to its superb, high growth location, attractive demographic profile, and infill barriers to new apartment competition which we believe will create tremendous opportunities for our investors,” added Hoffman.
Amira represents an attractive investment opportunity in a newly renovated, class A apartment community in Tampa, Florida, a high economic and job growth epicenter. The property is attractively located adjacent to the Tampa International Airport with immediate access to major thoroughfares and everyday essential retail amenities, superb walkability to nearby employment centers providing nearly 200,000 jobs, and minutes to the beach.
Amira seeks to provide investors with monthly cashflow and the potential for capital appreciation driven by high forecasted rent growth and continued high job and population growth within the Tampa Metro leading to strong renter demand. The DST program also provides investors with multiple options upon a future exit strategy event including 721 exchange (UPREIT) or subsequent 1031 exchange / cash out optionality.
About Bluerock Value Exchange
With a 20-year track record, Bluerock Value Exchange is a national sponsor of syndicated 1031-exchange offerings with a focus on Premier Exchange Properties™ that seek to deliver stable cash flows and potential for value creation. Bluerock has structured 1031 exchanges of more than $2.8 billion in total property value and 14.9 million square feet of property. Additional information can be found at bluerockexchange.com.
About Bluerock
Bluerock is a leading institutional alternative asset manager with more than $19 billion of acquired and managed assets headquartered in Manhattan with regional offices across the U.S. Bluerock principals have a collective 100+ years of investing experience with more than $120 billion real estate and capital markets experience and have helped launch leading private and public company platforms. Additional information can be found at bluerock.com.
