January 22, 2018
Bluerock Value Exchange Sells Chace Lake DST (1031-Exchange) Investment Property
The full-cycle investment provided an 8.1% internal rate of return (IRR), including cash flow, over the approximate 5-year hold period.

Bluerock Value Exchange (BVEX) announced the sale of Chace Lake Villas, a 264-unit apartment community located in in Birmingham, Alabama. BVEX acquired the asset for $21.5 million in September 2012 and sold it for $28.3 million in December 2017 following a successful implementation of capital improvements that increased the property’s net operating income (NOI) and resale value.

The property was acquired by BR Chace Lake, DST, a Delaware Statuary Trust (DST) structured for 1031 like-kind exchanges for accredited investors. The full-cycle investment provided an 8.1% internal rate of return (IRR), including cash flow, over the approximate 5-year hold period.

“The sale of Chace Lake within a very short hold period for our real estate savvy investors upholds our core mission: acquiring investment properties that present excellent value-add opportunities in attractive growth markets that can also deliver at-or-above market yields”, said Josh Hoffman, President of BVEX.

Bordering the affluent Riverchase Planned Community and thriving Hoover submarket, Chace Lake Villas is a three-story garden-style apartment community built in 1994-1996 that caters to the market’s young and upwardly mobile demographic. The property features resort-style amenities as well as 2.5 million square feet of luxury retail within walking distance. An additional 2 million square feet of high-end office space, housing many of Birmingham’s major employers, is within easy commuting distance.

The BVEX capital improvement program included significant upgrades to flooring, countertops, appliances, fixtures, and window treatments aimed at increasing retention rates and driving rental rate increases.

About Bluerock Value Exchange
Bluerock Value Exchange is a leading, 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. BVEX has structured 1031 Exchanges on nearly $1 billion in total property value and nearly 7.0 million square feet of property. With capacity across nearly all real estate sectors and the ability customize transactions for individual investors, Bluerock Value Exchange is available to create programs to accommodate a wide range of tax requirements. To learn more, please visit Bluerock Value Exchange website at www.bluerockexchange.com.

BR Chace Lake DST is a closed investment program; not open to new investment.

2018 BLUEROCK REAL ESTATE, LLC. ALL RIGHTS RESERVED. V-18-3

Recent

Eagle Point Credit Creditflux Awards

Eagle Point Credit Creditflux Awards

Eagle Point won 48% of the vote for “Best US CLO Equity Investor” and 42% of the vote for “Best US CLO Junior Debt Investor”.

Most Popular

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 10-3-2023 Blue Vault wishes to acknowledge and apologize for the delay in publishing some Q2 2023 NTR Individual Performance Pages (IPPs) as well as the full review. We recently added additional reporting metrics to our IPPs, and that, combined with coverage of all share classes and some additional…
Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 9-25-2023 Blue Vault has published the Q2 2023 Nontraded BDC Industry Review as well as Individual Performance Report and Limited Operations pages for the following offerings (newly published pages in bold font): Nontraded REITS American Healthcare REIT Q2 2023 Apollo Realty Income Solutions Q2 2023 (limited operations) Ares…

Explore

Blue Vault Logo
Don’t miss alts news
and educational events

Subscribe Now