Dave Bulger
Vice President
O (855) 378-3443|C (561) 715-3235
18 Formero Street, Rancho Mission Viejo, CA 92694
Investment underwriting report
Complete offering, sponsor, fee and comparative analysis
Prepared
August 26, 2026
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.
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.
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.
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.
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.
Offering Equity
53.8% of offering
Offering Debt
46.17% LTV on acq.
Acquisition Cost
90.8% of offering
Offering Expenses
5.1% of offering
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.
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.
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
Distribution rates as extracted from the offering materials.
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
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.
Extensive institutional track record with $4,700,000,000 in assets under management.
Demonstrated full-cycle realization across multiple multifamily programs comprising over 5,000 units.
Established presence and experience spanning over 19 years in real estate syndication.
High disposition fee structure of 3.5% of gross disposition value.
Sponsor employee headcount for the offering entity is not disclosed.
The property
$103,000,000 acquisition price
BR Amira DST
Class A, garden-style apartment community
The property was completed in 1999.
6105 Paddock Glen Drive, Tampa, Florida 33634
6105 Paddock Glen Drive, Tampa, Florida 33634
$103,000,000
100.0% of portfolio
The offering carries a $29,637,800 first mortgage against the Dallas multifamily asset, representing 64.2% leverage on the acquisition price. The loan is fixed at 5.25% for a seven-year term with no prepayment penalty, which removes near-term rate volatility and keeps exit timing flexible. Projected net operating income covers debt service at 1.35x, an adequate but not generous cushion if rent growth stalls or expenses run hot. Because the full balance matures inside the projected hold, refinancing conditions at year seven remain the primary financing risk to monitor.
$56,650,000
10-year Term
4.81%
Fixed
The Loan is pre-payable in full, subject to a yield maintenance calculation (with a floor of 1.0% of the then principal balance of the Loan) if the Loan is prepaid during the first 9.5 years of the term of the Loan. In addition, if prepayment is made after the expiration of such yield maintenance period but before the last calendar day of the fourth month prior to the month in which the loan matures, then the prepayment premium will be 1.0% of the amount of principal being prepaid. No prepayment premium is required during the 90-day period directly prior to maturity of the Loan. No voluntary partial prepayment is permitted.
1.8x
46.17%
46.17%
Transaction fields tie the $50.0M acquisition price to the $60.0M offering price and the $61.50M appraisal, so the pricing gap is visible rather than implied. The offering prices 20.0% above acquisition cost and reads a -2.44% premium/discount to appraised value. Cap rates compress from 5.25% at acquisition to 5.75% syndicated, a 50 bps spread absorbed by fees and load. Load figures of 4.30% on equity and 2.40% on offering price are the fields most worth pressure-testing.
Premium / discount to appraised value
0.15%
0 bps of spread between acquisition and syndicated cap rate.
$103,000,000
$122,691,529
—
$9.40
—
9.40%
5.64%
5.64%
0.15%
85.60%
3.67%
Use of proceeds shows where investor capital actually lands: $46.36M, or 77.3% of the offering, reaches the property. Offering expenses of $7.80M and acquisition costs and reserves of $5.84M consume the remaining 22.7%. Total fees and expenses of $13.64M equal 21.13% of equity and 12.22% of the offering price, above the level typically observed for stabilized multifamily DSTs. Reserves of $3.88M are appropriately sized for a 12-year-old asset.
Total Fees & Expenses
$6,207,904
% of equity
9.40%
% of offering
9.40%
$4,500,000 including reserves (3.67% of offering)
Total fees & expenses
$6.21M
9.40% of offering
Offering expenses
$6.21M
5.06% of offering
Reserves held
$5.04M
4.10% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $2,060,000 | 3.12% | 1.68% |
| Title & Recording Costs | $349,476 | 0.53% | 0.28% |
| Reserves (Loan Proceeds) | $536,122 | 0.81% | 0.44% |
| Reserves (Lender Required) | $536,122 | 0.81% | 0.44% |
| Reserves (Master Tenant) | $4,500,000 | 6.81% | 3.67% |
| Reserves (Lumped) | $536,122 | 0.81% | 0.44% |
| Reserves (Improvements) | $4,500,000 | 6.81% | 3.67% |
| Loan & Lender Expenses | $3,190,973 | 4.83% | 2.60% |
| Finance Expenses | $3,190,973 | 4.83% | 2.60% |
| Total Acquisition Cost | $111,447,503 | 168.75% | 90.84% |
| Total Acq. Cost (Reserves) | $116,483,625 | 176.38% | 94.94% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $7,361,492 | 11.15% | 6.00% |
| Dealer Fee | $924,581 | 1.40% | 0.75% |
| BD Due Diligence Allowance | $825,519 | 1.25% | 0.67% |
| BD Marketing Allowance | $825,519 | 1.25% | 0.67% |
| O&O Expenses | $495,311 | 0.75% | 0.40% |
| Third Party DD | $171,738 | 0.26% | 0.14% |
| Carry Costs | $2,384,323 | 3.61% | 1.94% |
| Total Offering Expenses | $6,207,904 | 9.40% | 5.06% |
| Total Fees / Expenses | $6,207,904 | 9.40% | 5.06% |
| Total Upfront Fees (Reserves) | $4,500,000 | 6.81% | 3.67% |
Front-end sponsor compensation totals $5,094,395, or 10.19% of acquisition cost, spread across five disclosed line items. The $1.96M acquisition fee is the largest single component at 3.04% of equity, followed by $1.24M of carrying costs. O/O reimbursement, DST admin and loan origination fees add a further $1.90M. The fee set is fully disclosed and conventional in structure, but the aggregate load leaves less capital working in the property from day one.
$2,060,000
3.12%
$495,311
0.75%
$2,384,323
3.61%
$3,190,973
4.83%
$924,581
1.40%
$6,207,904
6.03%
Ongoing fees are charged against six different bases, so headline rates are not directly comparable to one another. The 3.00% property management fee on EGI and 1.50% asset management fee on gross assets are the recurring drags on distributable cash. Master tenant income of 2.00% of annual rent sits on top of those, and a 1.00% disposition fee plus 1.00% refinancing fee apply at capital events. Trust administration is a modest $25,000 flat annual cost.
0.20%
Additional
income ranging from approximately $124,895 to $249,534 per year
Up
of to 3% of the Gross Receipts
3.5%
Account
Acceptance Fee
Standing
28 of 57
Blended percentile across 19 extracted metrics.
Pricing
46th pct
Leverage
50th pct
Cost
48th pct
Ongoing
64th pct
Structure
51st pct
Pricing
Leverage
Cost
Ongoing
Structure
Bar spans the cohort minimum (Min) to maximum (Max), labelled beneath with the cohort median (Med). Shaded band is the 25th–75th percentile, the tick is the median, and the dot is this offering.
Acquisition cap rate
58th pct5.64%median 5.50%
Year 1 distribution
35th pct4.45%median 4.60%
Acquisition LTV
54th pct46.17%median 46.93%
DSCR
29th pct1.80xmedian 2.00x
Interest rate
91st pct4.81%median 5.13%
Total upfront load
70th pct5.06%median 7.50%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Acquisition cap ratePricing | 5.64% | 5.50% | 5.00% – 6.00% | +0.14% | 58th |
| Syndicated cap ratePricing | 5.64% | 5.49% | 4.84% – 5.83% | +0.15% | 57th |
| Price per unitPricing | $301K | $284K | $180K – $434K | +$17K | 45th |
| Year 1 distributionPricing | 4.45% | 4.60% | 4.40% – 5.00% | −0.15% | 35th |
| Avg. distribution (term)Pricing | 4.86% | 5.08% | 4.75% – 5.32% | −0.22% | 36th |
| Acquisition LTVLeverage | 46.17% | 46.93% | 18.89% – 50.20% | −0.76% | 54th |
| Offering LTVLeverage | 46.17% | 46.09% | 2.67% – 49.80% | +0.08% | 49th |
| DSCRLeverage | 1.80x | 2.00x | 1.73x – 2.12x | −0.20x | 29th |
| Interest rateLeverage | 4.81% | 5.13% | 5.01% – 5.48% | −0.32% | 91st |
| Loan termLeverage | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 29th |
| Total upfront loadCost | 5.06% | 7.50% | 4.89% – 9.50% | −2.44% | 70th |
| Selling commissionCost | 6.00% | 6.00% | 5.00% – 6.00% | +0.00% | 25th |
| Acquisition feeCost | 3.12% | 2.52% | 1.74% – 3.77% | +0.60% | 32nd |
| ReservesCost | 7.63% | 5.53% | 1.67% – 9.03% | +2.09% | 66th |
| Asset management feeOngoing | 0.20% | 0.35% | 0.16% – 0.47% | −0.15% | 71st |
| Property management feeOngoing | 3.00% | 5.00% | 3.13% – 5.00% | −2.00% | 90th |
| Disposition feeOngoing | 3.50% | 2.95% | 2.00% – 3.50% | +0.55% | 30th |
| Equity share of capitalStructure | 53.83% | 100.00% | 52.74% – 100.00% | −46.17% | 31st |
| Hold periodStructure | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 71st |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| Griffin Capital Tulsa BTR DST | Griffin Capital Residential Partners Institutional Property Exchange, LLC | 5.77% | 46.50% | — | 5.00% | 10 yrs | 96% |
| MCG Gainesville FL BTR DST | Madison Capital Group | — | — | 1.74x | — | 10 yrs | 95% |
| BR Parkview Multifamily DST | BVEX | 5.81% | 49.45% | 1.91x | 4.78% | 10 yrs | 93% |
| NexPoint Oasis DST | NexPoint Real Estate Advisors IV, L.P. | 4.84% | 53.05% | 1.81x | 4.39% | 10 yrs | 92% |
| Passco Preston Ridge DST | PASSCO | 5.00% | 46.93% | 2.06x | 4.06% | — | 90% |
| Net-Leased Portfolio 76 DST | ExchangeRight Real Estate, LLC | — | 43.32% | 1.35x | 4.08% | 14.7 yrs | 90% |
| NexPoint Life Sciences III DST | NexPoint Real Estate Advisors IV, L.P. | 5.83% | 50.52% | 1.03x | 4.63% | 9 yrs | 90% |
| NexPoint Small Bay III DST | NexPoint Real Estate Advisors IV, L.P. | 5.50% | 44.90% | — | 5.15% | — | 89% |
Match score is a normalised distance across the full extracted metric set — asset type, pricing, leverage, cost and structure all weighted equally.
Figures on this page are generated from automated extraction of offering documents and may contain errors or omissions. Verify every metric against the sponsor's offering materials before relying on it for an investment decision.