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 Diversified Industrial Portfolio 7 DST is a $60,051,084 all-equity offering sponsored by BIGR Exchange 7 TRS, LLC. The portfolio comprises five industrial properties—Beachwood, Corporate, Quality, Saland, and Shields—located in Huntsville, AL with vintages ranging from 1996 to 2021. The properties were acquired for $48,433,606, reflecting a reported discount of more than $1,350,000 below appraised value. The program carries an acquisition and syndicated cap rate of 6.66%, with an all-equity structure of 0% LTV. Projected investor distributions begin at 4.97% in Year 1 and average 6.12% over the projected 10-year holding period. Total front-end fees and offering expenses total $5,674,827, and upfront reserves are capitalized at $1,750,000.
0.0% of the offering is closed
$60,051,084 still available
$60,051,084
$0
0.0% of offering$0
Pending subscription$60,051,084
Open for subscriptionThe sponsor is raising $60,051,084 in DST equity with no debt financing. Upfront syndication fees and offering costs account for $5,674,827 of the gross proceeds.
Sector
Industrial
Investment Category
DST
Projected First Year Cashflow
4.97%
Avg. 6.12% over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$60,051,084
Offering Debt
$0
All-equity offering
LTV
0%
On acquisition price
Units / Tenants
—
Huntsville, AL
Property Age
The portfolio consists of five industrial properties built in 2017 (Beachwood Property), 1996 (Corporate Property), 2007 with an office expansion in 2023 (Quality Property), 2021 (Saland Property), and 1997 (Shields Property).
The offering represents a 100% equity capitalization of $60,051,084 across five industrial properties in Huntsville, AL. The portfolio has an acquisition cost of $48,433,606 ($52,476,257 total acquisition cost) and includes $1,750,000 in funded reserves. Distribution projections start at 4.97% in Year 1 with a 10-year term average of 6.12%.
All-Equity Structure
0% LTVZero debt financing eliminates mortgage default, interest rate volatility, and refinancing risks over the 10-year term.
Substantial Reserves
$1,750,000Upfront funded reserves for master tenant and improvements represent 2.91% of total equity.
Institutional Sponsor Scale
$20,000,000,000 AUMBluerock brings over 100 years of combined team experience across more than $120 billion in total real estate volume.
Upfront Fee Load
$5,674,827Total upfront fees, offering expenses, and commissions represent 9.45% of the property acquisition cost.
Lower Initial Yield
4.97% Year 1Initial distributions start at 4.97% before stepping up toward the projected 10-year full-term average of 6.12%.
Vintage Dispersion
1996 to 2021The portfolio includes older facilities (Corporate Property built in 1996; Shields Property built in 1997) that may require ongoing maintenance.
The offering features a zero-debt capital structure (0% LTV), eliminating interest rate and refinancing risks. Capitalization includes $1,750,000 in upfront reserves, representing 2.91% of equity. Additionally, the sponsor platform possesses over $20,000,000,000 in assets under management and extensive syndicated exchange experience.
Offering Equity
100.0% of offering
Acquisition Cost
87.4% of offering
Offering Expenses
9.4% of offering
Reserves
2.9% of offering
Unallocated / other uses
0.2% of offering
Total Offering
$60.05M
All equity — no mortgage debt
Acquisition Cost
$52.48M
87.4% of offering to the property
Total Fees & Expenses
$5.67M
9.45% of offering
Reserves
$1.75M
2.9% of offering
Equity proceeds of $60,051,084 fund the $48,433,606 property acquisition, $5,674,827 in upfront fees and offering expenses, $1,046,823 in carrying costs, and $1,750,000 in reserves. There is no debt financing applied to the sources.
Tone reflects relative strength, not a rating
Debt & Leverage
Conservative0% LTV eliminates debt service pressure and interest rate refinancing exposure.
Syndication Load
ElevatedFront-end load equals 9.45% of acquisition cost, totaling $5,674,827 in fees and expenses.
Asset Quality & Age
MixedPortfolio blends modern 2017 and 2021 assets with properties constructed in 1996 and 1997.
Reserve Coverage
Adequate$1,750,000 in upfront reserves provides a 2.91% equity cushion for improvements and tenant operations.
Key considerations include an upfront fee burden of $5,674,827 (9.45% of acquisition cost) and initial Year 1 cash flow starting at 4.97%. The portfolio also exhibits vintage dispersion, with older assets dating back to 1996 and 1997 alongside newer 2017 and 2021 construction.
Syndicated Cap Rate
6.66%
NOI ÷ offering price
Upfront Load
9.45%
Total fees ÷ offering price (all-equity offering)
Premium / Discount
—
Offering price vs. appraised value
Offering vs. Acquisition
124.0%
Offering price ÷ acquisition price
Price per Unit
—
Offering price ÷ — units
Distribution rates as extracted from the offering materials.
The total upfront fees and expenses of $5,674,827 equal 9.45% of the $60,051,084 offering price. The spread between the $48,433,606 purchase price and total equity raise is $11,617,478, which accounts for front-end fees, carrying costs, and $1,750,000 in funded reserves. The stated acquisition cap rate is 6.66% against a Year 1 projected distribution rate of 4.97%.
Sponsor
BIGR Exchange 7 TRS, LLC (Bluerock Value Exchange) is an established institutional sponsor with $20,000,000,000 in assets under management. The firm possesses extensive experience in structuring Section 1031 DST programs and oversaw interests in 37 properties as of September 30, 2025.
• As of September 30, 2025, BIGR’s portfolio comprised controlling and non-controlling interests in 37 properties. • The BR Diversified Industrial Portfolio 7, DST Trust itself owns five industrial properties: Beachwood, Corporate, Quality, Saland, and Shields.
Properties owned or managed
$20,000,000,000
Across all programs
—
Prior DST offerings
—
DST-held assets
NVR, Inc. employs over 6,600 people servicing 36 metropolitan areas across 16 states.
Disclosed headcount
Industrial
Stated strategy
The sponsor, BIGR Exchange 7 TRS, LLC (affiliated with Bluerock Value Exchange, LLC), manages over $20,000,000,000 in assets under management. The sponsor team brings over 100 years of investing experience with more than $120 billion in real estate and capital markets transaction volume. As of September 30, 2025, BIGR held controlling and non-controlling interests across 37 properties.
$20,000,000,000 in total assets under management.
Over 100 years of combined team investing experience.
More than $120 billion in historical real estate and capital markets execution.
Established track record in 1031 exchange syndications.
Specific historical track record on prior industrial DST exits is not disclosed in the excerpts.
Front-end acquisition and syndication compensation is substantial at $5,674,827.
The property
$48,433,606 acquisition price
BR Diversified Industrial Portfolio 7 DST
industrial properties
The portfolio consists of five industrial properties built in 2017 (Beachwood Property), 1996 (Corporate Property), 2007 with an office expansion in 2023 (Quality Property), 2021 (Saland Property), and 1997 (Shields Property).
Huntsville, AL
Huntsville, AL
$48,433,606
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.
All-cash offering — no mortgage debt, so there is no leverage to chart.
$0
10-year term
—
—
—
—
0%
0%
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.
0 bps of spread between acquisition and syndicated cap rate.
$48,433,606
$60,051,084
The portfolio was purchased at a discount of more than $1,350,000 below its appraised value, but no acquisition cap rate or going-in yield is disclosed in the excerpts provided.
—
—
—
6.66%
6.66%
—
100%
2.91%
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
$5,674,827
% of offering
9.45%
All-equity offering — load on equity equals load on offering price.
Total fees & expenses
$5.67M
9.45% of offering
Offering expenses
$5.67M
9.45% of offering
Reserves held
$1.75M
2.91% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $1,331,924 | 2.22% | 2.22% |
| Title & Recording Costs | $546,524 | 0.91% | 0.91% |
| Reserves (Loan Proceeds) | $1,750,000 | 2.91% | 2.91% |
| Reserves (Master Tenant) | $1,750,000 | 2.91% | 2.91% |
| Reserves (Lumped) | $1,750,000 | 2.91% | 2.91% |
| Reserves (Improvements) | $1,750,000 | 2.91% | 2.91% |
| Finance Expenses | $2,710,727 | 4.51% | 4.51% |
| Total Acquisition Cost | $52,476,257 | 87.39% | 87.39% |
| Total Acq. Cost (Reserves) | $54,376,257 | 90.55% | 90.55% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $750,639 | 1.25% | 1.25% |
| Placement Agent Fee | $840,715 | 1.40% | 1.40% |
| BD Due Diligence Allowance | $1,591,354 | 2.65% | 2.65% |
| BD Marketing Allowance | $1,591,354 | 2.65% | 2.65% |
| O&O Expenses | $480,409 | 0.80% | 0.80% |
| Third Party DD | $211,430 | 0.35% | 0.35% |
| Carry Costs | $1,046,823 | 1.74% | 1.74% |
| Total Offering Expenses | $5,674,827 | 9.45% | 9.45% |
| Total Fees / Expenses | $5,674,827 | 9.45% | 9.45% |
| Total Upfront Fees (Reserves) | $5,674,827 | 9.45% | 9.45% |
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.
$1,331,924
2.22%
$60,051,084
100.00%
$750,639
1.25%
$5,674,827
11.72%
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.
0.40%
$1,750,000
Standing
3 of 57
Blended percentile across 13 extracted metrics.
Pricing
84th pct
Leverage
76th pct
Cost
44th pct
Ongoing
43rd pct
Structure
61st 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
88th pct6.66%median 5.50%
Year 1 distribution
70th pct4.97%median 4.51%
Acquisition LTV
100th pct0.00%median 46.93%
Total upfront load
32nd pct9.45%median 5.97%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Acquisition cap ratePricing | 6.66% | 5.50% | 5.00% – 6.00% | +1.16% | 88th |
| Syndicated cap ratePricing | 6.66% | 5.49% | 4.84% – 5.82% | +1.17% | 86th |
| Year 1 distributionPricing | 4.97% | 4.51% | 4.40% – 5.00% | +0.46% | 70th |
| Avg. distribution (term)Pricing | 6.12% | 5.05% | 4.75% – 5.31% | +1.07% | 93rd |
| Acquisition LTVLeverage | 0.00% | 46.93% | 38.27% – 50.20% | −46.93% | 100th |
| Offering LTVLeverage | 0.00% | 46.17% | 21.16% – 49.80% | −46.17% | 100th |
| Loan termLeverage | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 29th |
| Total upfront loadCost | 9.45% | 5.97% | 4.89% – 9.50% | +3.48% | 32nd |
| Acquisition feeCost | 2.22% | 2.65% | 1.74% – 3.77% | −0.44% | 68th |
| ReservesCost | 2.91% | 5.54% | 1.67% – 9.03% | −2.63% | 32nd |
| Asset management feeOngoing | 0.40% | 0.30% | 0.16% – 0.47% | +0.10% | 43rd |
| Equity share of capitalStructure | 100.00% | 97.50% | 52.74% – 100.00% | +2.50% | 50th |
| Hold periodStructure | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 71st |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| Canyon State Minerals LLC | Montego Minerals | — | — | — | 9.50% | — | 95% |
| Blue Door Property II DST | Unknown sponsor | 6.11% | 0.00% | — | 10.50% | — | 91% |
| Ideal Ecco Park DST | IDEAL Capital Group Holdings, LLC | — | — | 1.03x | 9.50% | 10 yrs | 91% |
| Sealy Industrial DST | Sealy | — | — | — | 9.50% | 11 yrs | 91% |
| BR Diversified Industrial Portfolio 8 DST | BIGR Exchange 8 TRS, LLC | 6.32% | — | — | 9.45% | — | 90% |
| AEI Healthcare Property VII DST | AEI Capital Corporation | 7.00% | — | — | 7.62% | — | 89% |
| PG Savannah Industrial DST | Peachtree Hotel Group II, LLC | 7.40% | 0.00% | — | 9.50% | — | 89% |
| FG Communities Candler Indian Creek DST | FG Communities | 5.00% | 0.00% | — | 10.83% | 10 yrs | 86% |
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.