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 Parkview Multifamily DST is a Delaware Statutory Trust offering sponsored by Bluerock Value Exchange (BVEX) to acquire a 264-unit, Class A apartment community located at 5141 Stone Mountain Highway in Stone Mountain, Georgia. Completed in 2023, the property was acquired for an acquisition price of $66,600,000, representing a $1,500,000 discount to its appraised value, within a total offering price of $78,111,498. The capitalization structure comprises $39,486,498 in equity and $38,625,000 in fixed-rate debt, reflecting an offering LTV of 49.45%. Financing terms feature a 10-year term at a fixed interest rate of 5.18% with an initial debt service coverage ratio (DSCR) of 1.91x. The offering projects an initial Year 1 income distribution of 4.4% and an average full-term distribution of 4.55%, supported by an entry cap rate of 5.81%. Front-end capitalization also funds substantial reserves, including $2,000,000 in Master Tenant reserves and $2,355,600 in improvement reserves.
0.0% of the offering is closed
$39,486,498 still available
$39,486,498
$0
0.0% of offering$0
Pending subscription$39,486,498
Open for subscriptionThe offering is raising $39,486,498 in DST investor equity alongside $38,625,000 in fixed-rate debt financing. The syndication structure incorporates up to 6.0% in selling commissions, a dealer fee of $552,811, and due diligence and marketing allowances totaling $987,162. Equity proceeds fully fund transaction closing costs, financing expenses, and $4,666,071 in aggregate upfront reserves.
Sector
Apartment community
Investment Category
DST
Projected First Year Cashflow
4.4%
Avg. 4.55% over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$78,111,498
$295,877 per unit
Offering Debt
$38,625,000
5.18% · 10-year Term
LTV
49.45%
On acquisition price
Units / Tenants
264
5141 STONE MOUNTAIN HIGHWAY, STONE MOUNTAIN, GEORGIA 30087
Property Age
The property was completed in 2023, making it a newly built Class A apartment community.
The offering features a newly constructed 2023-vintage, 264-unit Class A multifamily asset in Stone Mountain, Georgia. It utilizes moderate leverage with a 49.45% LTV, a fixed 5.18% interest rate, and a 1.91x DSCR. Upfront capitalization funds over $4.6 million across Master Tenant, capital improvement, and lender reserves.
Moderate Leverage & Strong Coverage
49.45% LTV / 1.91x DSCRThe debt structure provides conservative 49.45% leverage with a strong 1.91x debt service coverage ratio at a 5.18% fixed rate for 10 years.
New Construction Vintage
2023 ConstructionThe 264-unit Class A asset was completed in 2023, minimizing immediate capital expenditure requirements and deferred maintenance friction.
Substantial Reserve Capitalization
$4,666,071 in Total ReservesCapitalization includes $2,000,000 in Master Tenant reserves, $2,355,600 in improvement reserves, and $310,471 in lender-required reserves.
Syndication Load & Front-End Fees
9.45% Upfront Fee / Acq CostTotal front-end offering expenses and fees equal $3,731,474, contributing to an overall gross offering price markup above base purchase price.
Yield Maintenance Prepayment Penalty
114 Months Lockout/YMThe 10-year loan requires yield maintenance prepayment penalties for the first 114 months, limiting refinance or early disposition flexibility.
Moderate Initial Cash-on-Cash Return
4.4% Yr 1 / 4.55% AvgProjected income distributions start at 4.4% in Year 1 and average 4.55% across the full term relative to the 5.81% property cap rate.
Key transaction strengths include a conservative 49.45% LTV paired with a robust 1.91x DSCR on a 10-year fixed debt structure. The 2023 construction vintage minimizes near-term structural deferred maintenance, bolstered by $2,355,600 in improvement reserves. Additionally, the asset was acquired at a 5.81% cap rate and priced $1,500,000 below its appraised value.
Offering Equity
50.6% of offering
Offering Debt
49.45% LTV on acq.
Acquisition Cost
91.9% of offering
Offering Expenses
4.8% of offering
Reserves
6.0% of offering
Total Offering
$78.11M
Equity $39.49M + debt $38.63M
Acquisition Cost
$71.82M
91.9% of offering to the property
Total Fees & Expenses
$3.73M
6.00% of offering
Reserves
$4.67M
6.0% of offering
Sources consist of $39,486,498 in equity and $38,625,000 in debt for total proceeds of $78,111,498. Uses comprise the $66,600,000 purchase price, $3,731,474 in front-end fees/expenses, $1,516,912 in finance expenses, $1,035,162 in carry costs, and $4,666,071 in aggregate reserves.
Tone reflects relative strength, not a rating
Leverage & Debt Structure
FavorableLeverage is conservative at 49.45% LTV with fixed 5.18% interest and strong 1.91x DSCR for 10 years.
Prepayment Flexibility
RestrictiveLoan carries yield maintenance penalty for the first 114 months, creating heavy exit friction prior to month 117.
Syndication Load
ElevatedTotal upfront fees and offering expenses of $3,731,474 add 9.45% in frictional load relative to the $66.6M purchase price.
Asset Condition & Reserves
Strong2023 construction complemented by $4,666,071 in aggregate funded reserves provides substantial operating buffer.
Primary underwriting considerations include a total offering price markup of $11,511,498 (17.28% over base purchase price) driven by front-end transaction fees, carrying costs, and reserves. Debt flexibility is restricted by yield maintenance prepayment penalties during the first 114 months of the 10-year loan term. Additionally, initial Year 1 cash flow distribution is modest at 4.4%, with ongoing distributions subject to master tenant lease mechanics.
Syndicated Cap Rate
5.81%
NOI ÷ offering price
Upfront Load on Offering
6.00%
Total fees ÷ offering price
Load on Equity
9.45%
Total fees ÷ offering equity
Premium / Discount
41%
Offering price vs. appraised value
Offering vs. Acquisition
117.3%
Offering price ÷ acquisition price
Price per Unit
$295,877
Offering price ÷ 264 units
Distribution rates as extracted from the offering materials.
Total offering equity of $39,486,498 and debt of $38,625,000 equate to a total offering price of $78,111,498 against the $66,600,000 acquisition price. Total front-end offering expenses and fees equal $3,731,474, representing an upfront fee load of 9.45% of acquisition cost. Initial distributions start at 4.4% in Year 1, averaging 4.55% across the full 10-year holding term.
Sponsor
Bluerock Value Exchange (BVEX) is an experienced national sponsor of 1031 exchange offerings managing residential and industrial assets. Supported by Bluerock's $20 billion in AUM and principals with over $120 billion in real estate transactions, the firm demonstrates deep institutional scale.
—
Properties owned or managed
$20,000,000,000
Across all programs
—
Prior DST offerings
—
DST-held assets
The nearby Stone Mountain Amazon Fulfillment Center employs approximately 1,000 people.
Disclosed headcount
apartment community
Stated strategy
Bluerock Value Exchange (BVEX) acts as the sponsor, backed by Bluerock's $20,000,000,000 in assets under management. The firm's principals possess over 100 years of collective real estate experience across more than $120 billion in transactions. BVEX is an active national sponsor in the syndicated Section 1031 Exchange marketplace.
$20,000,000,000 in total assets under management
Principals with over 100 years of collective real estate experience
Track record across $120+ billion in capital market transactions
Total current active property count is not disclosed in the offering materials
Portfolio-level performance data is aggregated rather than asset-specific
The property
$66,600,000 acquisition price
BR Parkview Multifamily DST
class A apartment community
The property was completed in 2023, making it a newly built Class A apartment community.
5141 STONE MOUNTAIN HIGHWAY, STONE MOUNTAIN, GEORGIA 30087
5141 STONE MOUNTAIN HIGHWAY, STONE MOUNTAIN, GEORGIA 30087
$66,600,000
100.0% of portfolio
Financing consists of a $39,215,000 fixed-rate loan at 5.01% interest with a 46.93% LTV and a 2.06x debt service coverage ratio.
$38,625,000
10-year Term
5.18%
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 114 months 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.
1.91x
49.45%
49.45%
The asset is acquired for $79,352,943 at a 5% acquisition cap rate, with total acquisition cost reported at $73,086,065 excluding certain capitalized reserves.
Premium / discount to appraised value
41%
0 bps of spread between acquisition and syndicated cap rate.
$66,600,000
$78,111,498
—
—
—
6%
5.81%
5.81%
41%
—
2.56%
Uses of capital include the property purchase, $4,212,057 in improvement/lumped reserves, $1,116,013 in carry costs, and $3,392,775 in total offering expenses.
Total Fees & Expenses
$3,731,474
% of equity
9.45%
% of offering
6.00%
$2,250,000 including reserves (2.88% of offering)
Total fees & expenses
$3.73M
6.00% of offering
Offering expenses
$3.73M
4.78% of offering
Reserves held
$4.67M
5.97% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $1,665,000 | 4.22% | 2.13% |
| Title & Recording Costs | $256,116 | 0.65% | 0.33% |
| Reserves (Lender Required) | $310,471 | 0.79% | 0.40% |
| Reserves (Master Tenant) | $2,000,000 | 5.07% | 2.56% |
| Reserves (Lumped) | $310,471 | 0.79% | 0.40% |
| Reserves (Improvements) | $2,355,600 | 5.97% | 3.02% |
| Loan & Lender Expenses | $1,516,912 | 3.84% | 1.94% |
| Finance Expenses | $1,516,912 | 3.84% | 1.94% |
| Total Acquisition Cost | $71,819,554 | 181.88% | 91.94% |
| Total Acq. Cost (Reserves) | $74,380,024 | 188.37% | 95.22% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $4,686,690 | 11.87% | 6.00% |
| Dealer Fee | $552,811 | 1.40% | 0.71% |
| BD Due Diligence Allowance | $493,581 | 1.25% | 0.63% |
| BD Marketing Allowance | $493,581 | 1.25% | 0.63% |
| O&O Expenses | $315,892 | 0.80% | 0.40% |
| Third Party DD | $221,992 | 0.56% | 0.28% |
| Carry Costs | $1,035,162 | 2.62% | 1.33% |
| Total Offering Expenses | $3,731,474 | 9.45% | 4.78% |
| Total Fees / Expenses | $3,731,474 | 9.45% | 4.78% |
| Total Upfront Fees (Reserves) | $2,250,000 | 5.70% | 2.88% |
Disclosed fees include $510,025 in placement agent fees, $443,500 in BD marketing allowance, $221,750 in BD DD allowance, and $286,000 in O&O expenses.
$1,665,000
4.22%
$315,892
0.80%
$1,035,162
2.62%
$1,516,912
3.84%
$552,811
1.40%
$3,731,474
5.60%
The investment targets an average full-term income yield of 5.19% underpinned by master tenant and lender escrows totaling over $744,700.
0.20%
of the Purchase Price (i.e., $133,200)
10%
Greater
of (x) 2.50% of the Gross Receipts from the Property or (y) $8,500, calculated on a per month basis
3.5%
Account
Acceptance Fee; Annual Independent Trustee Fee (if applicable)
Standing
32 of 57
Blended percentile across 19 extracted metrics.
Pricing
44th pct
Leverage
34th pct
Cost
62nd pct
Ongoing
67th pct
Structure
44th 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
67th pct5.81%median 5.50%
Year 1 distribution
23rd pct4.40%median 4.60%
Acquisition LTV
31st pct49.45%median 46.50%
DSCR
43rd pct1.91xmedian 2.00x
Interest rate
41st pct5.18%median 5.11%
Total upfront load
79th pct4.78%median 7.50%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Acquisition cap ratePricing | 5.81% | 5.50% | 5.00% – 6.00% | +0.31% | 67th |
| Syndicated cap ratePricing | 5.81% | 5.49% | 4.84% – 5.83% | +0.32% | 67th |
| Price per unitPricing | $296K | $284K | $180K – $434K | +$12K | 48th |
| Year 1 distributionPricing | 4.40% | 4.60% | 4.40% – 5.00% | −0.20% | 23rd |
| Avg. distribution (term)Pricing | 4.55% | 5.08% | 4.77% – 5.32% | −0.53% | 16th |
| Acquisition LTVLeverage | 49.45% | 46.50% | 18.89% – 50.20% | +2.95% | 31st |
| Offering LTVLeverage | 49.45% | 46.09% | 2.67% – 49.80% | +3.36% | 28th |
| DSCRLeverage | 1.91x | 2.00x | 1.73x – 2.12x | −0.09x | 43rd |
| Interest rateLeverage | 5.18% | 5.11% | 5.00% – 5.48% | +0.07% | 41st |
| Loan termLeverage | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 29th |
| Total upfront loadCost | 4.78% | 7.50% | 5.00% – 9.50% | −2.72% | 79th |
| Selling commissionCost | 6.00% | 6.00% | 5.00% – 6.00% | 0.00% | 63rd |
| Acquisition feeCost | 4.22% | 2.52% | 1.74% – 3.58% | +1.70% | 16th |
| ReservesCost | 11.82% | 5.53% | 1.67% – 8.66% | +6.28% | 89th |
| Asset management feeOngoing | 0.20% | 0.35% | 0.16% – 0.47% | −0.15% | 71st |
| Property management feeOngoing | 2.50% | 5.00% | 3.13% – 5.00% | −2.50% | 100th |
| Disposition feeOngoing | 3.50% | 2.95% | 2.00% – 3.50% | +0.55% | 30th |
| Equity share of capitalStructure | 50.55% | 100.00% | 52.93% – 100.00% | −49.45% | 17th |
| 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 Amira DST | Bluerock Value Exchange | 5.64% | 46.17% | 1.80x | 5.06% | 10 yrs | 93% |
| FREX DB SERIES I DST | Fortress Real Estate Exchange LLC | — | 47.10% | — | 5.55% | 11 yrs | 93% |
| Passco Preston Ridge DST | PASSCO | 5.00% | 46.93% | 2.06x | 4.06% | — | 91% |
| NexPoint Waterford DST | NexPoint Real Estate Advisors IV, L.P. | 5.28% | 48.60% | 2.01x | 4.80% | 10 yrs | 90% |
| CS1031 Colony at Centerpointe Apartments DST | Capital Square | 5.28% | 54.30% | 1.89x | 4.89% | — | 90% |
| NexPoint Life Sciences III DST | NexPoint Real Estate Advisors IV, L.P. | 5.83% | 50.52% | 1.03x | 4.63% | 9 yrs | 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.