Offering summary
BR Amira DST is a Delaware statutory trust offering sponsored by Bluerock Value Exchange to acquire a 408-unit, Class A garden-style apartment community located at 6105 Paddock Glen Drive in Tampa, Florida. The total offering price is $122,691,529, which is capitalized through $66,041,529 in equity and $56,650,000 in long-term fixed-rate debt. The property was completed in 1999 and was acquired for a purchase price of $103,000,000, representing a 5.64% acquisition cap rate. Financing is secured at a 4.81% fixed interest rate over a 10-year term with an initial debt service coverage ratio of 1.8x and a 46.17% offering loan-to-value ratio. The master tenant structure provides projected Year 1 cash flow of 4.45% and an average full-term projected income of 4.86%. Upfront load and offering expenses represent 9.40% of the offering price, supported by $4,500,000 in master tenant improvement reserves and $536,122 in lender-required reserves.
Capital raise
0.0% of the offering is closed
$66,041,529 still available
$66,041,529
$0
0.0% of offering$0
Pending subscription$66,041,529
Open for subscriptionThe capital raise seeks $66,041,529 in equity alongside $56,650,000 in permanent debt. Sales commissions and related offering expenses are capped at 9.40% of Total Sales, with managing broker-dealer fees comprising up to 6.0% in sales commissions re-allowable to selling group members. Ancillary broker-dealer allowances include $825,519 for marketing and $825,519 for due diligence.
Offering terms
Sector
Apartment community
Investment Category
DST
Projected First Year Cashflow
4.45%
Avg. 4.86% over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$122,691,529
$300,715 per unit
Offering Debt
$56,650,000
4.81% · 10-year Term
LTV
46.17%
On acquisition price
Units / Tenants
408
6105 Paddock Glen Drive, Tampa, Florida 33634
Property Age
The property was completed in 1999.
The offering covers a 408-unit Class A multifamily property in Tampa, FL, acquired for $103,000,000 against a total offering price of $122,691,529. It is capitalized with $66,041,529 of equity and $56,650,000 of fixed-rate debt at 4.81% with an initial DSCR of 1.8x. Cash flow projections start at 4.45% in Year 1 and average 4.86% over the 10-year holding period.
Strengths & considerations
Key strengths
Favorable Debt Structure
4.81% Fixed / 1.8x DSCRDebt is fixed at 4.81% for a 10-year term with a conservative 46.17% LTV and strong initial debt service coverage.
Substantial Reserve Capitalization
$4,500,000Capitalization includes $4,500,000 in master tenant improvement reserves plus $536,122 in lender reserves to address capital needs.
Experienced Sponsor Scale
$4,700,000,000 AUMBluerock Value Exchange maintains over 19 years of real estate experience and a realized track record across multifamily programs.
Key considerations
Upfront Fee Load
9.40%Front-end load on the offering price totals 9.40%, including $6,207,904 in total offering expenses and an acquisition fee of $2,060,000.
Asset Age
1999 VintageThe property was completed in 1999, which may require ongoing capital expenditures despite dedicated improvement reserves.
Prepayment Flexibility
9.5-Year Yield MaintenanceThe loan enforces yield maintenance with a 1.0% floor for the first 9.5 years, restricting early disposition flexibility.
The acquisition features conservative leverage at a 46.17% LTV and a strong initial DSCR of 1.8x with long-term fixed-rate debt at 4.81%. The sponsor brings significant institutional scale with $4,700,000,000 in assets under management and over 19 years of real estate experience. Additionally, the structure is capitalized with substantial upfront reserves including $4,500,000 designated for improvements.
Sources, uses & fee assessment
Capital Sources
- $66.04M
Offering Equity
53.8% of offering
- $56.65M
Offering Debt
46.17% LTV on acq.
Where the Capital Goes
- $111.45M
Acquisition Cost
90.8% of offering
- $6.21M
Offering Expenses
5.1% of offering
- $5.04M
Reserves
4.1% of offering
Total Offering
$122.69M
Equity $66.04M + debt $56.65M
Acquisition Cost
$111.45M
90.8% of offering to the property
Total Fees & Expenses
$6.21M
9.40% of offering
Reserves
$5.04M
4.1% of offering
Sources comprise $66,041,529 in offering equity and $56,650,000 in offering debt to meet total uses of $122,691,529. Uses consist of the $103,000,000 acquisition price, $6,207,904 in total upfront fees and expenses, $3,190,973 in financing expenses, $2,384,323 in carry costs, and $5,036,122 in total reserves.
Risk read
Tone reflects relative strength, not a rating
Leverage & Debt Structure
FavorableAt 46.17% LTV and a 1.8x DSCR with 10-year fixed financing at 4.81%, default risk is mitigated by conservative debt metrics.
Syndication Load
CautionTotal front-end expenses and commissions of 9.40% ($6,207,904) create an initial premium over the $103,000,000 direct real estate acquisition cost.
Exit Flexibility
RestrictedThe loan imposes yield maintenance prepayment penalties for 9.5 years, narrowing refinancing and early sale windows.
Property Vintage
NeutralCompleted in 1999, the 408-unit garden community is supported by an upfront $4,500,000 master tenant improvement reserve.
The 1999-vintage asset is subject to substantial upfront loads totaling 9.40% and front-end fees of $6,207,904 that create a spread between acquisition cost and offering price. Debt terms include stringent prepayment penalties under yield maintenance for the first 9.5 years. Realization of projected returns depends on master tenant execution and market performance in the Tampa metro.
Calculated underwriting metrics
Syndicated Cap Rate
5.64%
NOI ÷ offering price
Upfront Load on Offering
9.40%
Total fees ÷ offering price
Load on Equity
9.40%
Total fees ÷ offering equity
Premium / Discount
0.15%
Offering price vs. appraised value
Offering vs. Acquisition
119.1%
Offering price ÷ acquisition price
Price per Unit
$300,715
Offering price ÷ 408 units
The property was acquired at a 5.64% syndicated cap rate based on the $103,000,000 purchase price. Total upfront fees, offering expenses, and financing costs equal $6,207,904 in front-end fees and $3,190,973 in loan/finance expenses, yielding a 9.40% upfront load. Total acquisition cost with reserves stands at $116,483,625.
Sponsor
Sponsor
Bluerock Value Exchange
Bluerock Value Exchange manages approximately $4,700,000,000 in assets under management with over 19 years of real estate experience. The sponsor has executed and fully disposed of multiple multifamily portfolios, including 15 apartment properties comprising 4,360 units totaling approximately $733 million in historical real estate.
• Bluerock Growth Fund raised approximately $20.1 million in equity for total real estate acquisition costs of approximately $139 million represented by interests in three apartment properties comprised of approximately 759 units and 585,000 square feet, all of which have been sold. • Bluerock Growth Fund II raised approximately $1.6 million in equity for total real estate preferred equity of approximately $1.3 million represented by interests in one apartment property comprised of approximately 340 units and 284,000 square feet, and this single preferred equity investment has been sold. • Approximately $733 million was represented by interests in 15 apartment properties comprised of approximately 4,360 units and 4.2 million square feet, and these 15 properties have been sold.
Properties owned or managed
$4,700,000,000
Across all programs
—
Prior DST offerings
—
DST-held assets
The document references over 30,000 employees each at the Westshore Business District and MacDill Air Force Base, but these figures pertain to regional employment centers rather than the sponsor’s or issuer’s own employees, so no specific employee count for the offering entity is provided.
Disclosed headcount
apartment community
Stated strategy
Bluerock Value Exchange serves as the sponsor, possessing over 19 years of real estate experience and managing approximately $4,700,000,000 in assets under management. Historical execution includes managing and fully exiting multiple apartment portfolios, such as 15 multifamily properties totaling 4,360 units and $733 million in transaction volume. Sponsor compensation includes an acquisition fee of $2,060,000, an annual asset management fee of 0.20%, and a 3.5% disposition fee.