Top1031
BR Axis West, DST
in Orlando, FL · sponsored by Bluerock Value Exchange
Historical · soldSold Aug 2022, as reported by Bluerock Value Exchange · last Form D Apr 23, 2021Sponsor source (opens in a new tab)
BR Axis West, DST, sponsored by Bluerock Value Exchange, filed its first Form D with the SEC on Jun 4, 2018 for a $31.5 million offering. Bluerock Value Exchange sold the property in Aug 2022 for $86,500,000, as reported by the sponsor.
How it ended
Sold, result reported by the sponsor
Sold Aug 2022 for $86,500,000 as reported by the sponsor
- Equity multiple
- 1.42× as reported by the sponsor
- Date
- Aug 8, 2022
- Held
- 4.2 years
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $31,818,872Equity offered, per the Form D
- Sold
- 100%Form D, Apr 23, 2021; the % is our arithmetic
- Investors reported
- Form D, Apr 23, 2021126
- Selling commissions
- Form D Item 15; the % is our arithmetic$2,331,050 · 7.3% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
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Ask a 1031 specialist about this recordFree. About: BR Axis West, DST. Top1031 is not a broker-dealer.What did BR Axis West, DST own?
The trust's asset was Axis West, a 268-unit apartment community in Orlando, Florida, built in 2017. 2 It sits at 6820 Axis West Circle, the address the trust gave when it identified itself as owner in a June 11, 2022 Orange County court filing. 1 Bluerock Value Exchange reported that investors acquired the property in May 2018 for $70.2 million including debt and all costs. 3
- Reported location
- Orlando, FL
How was it financed, and what did it cost to sell?
Bluerock's offering brochure listed a $38.4 million fixed-rate loan with a 10-year term on the property. 4 The rest of the roughly $69.9 million purchase price, which the brochure says included about $650,000 of supplemental trust reserves, came from investor equity. 4
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $2,331,050 · 7.3% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $189,004 · 0.5% of offeringForm D Item 16· The filing’s note: “Organization and Offering Expenses reimbursable to Bluerock Value Exchange, LLC, the Sponsor, and its affiliates.”
- Broker-dealers named in the Form D
- 20 named in the Form D
Show the firms
- American Portfolios Financial Services, Inc. · CRD 18487
- Ameritas Investment Company, LLC · CRD 14869
- Berthel, Fisher & Company Financial Services, Inc. · CRD 13609
- Bluerock Capital Markets LLC · CRD 136974
- CFD Investments, Inc. · CRD 25427
- Cambridge Investment Research, Inc. · CRD 39543
- Centaurus Financial, Inc. · CRD 30833
- Client One Securities LLC · CRD 152974
- Colorado Financial Service Corporation · CRD 104343
- Concorde Investment Services, LLC · CRD 151604
- Courtlandt Securities Corporation · CRD 137356
- Emerson Equity LLC · CRD 130032
- International Assets Advisory, LLC · CRD 10645
- Lightpath Capital, Inc. · CRD 34617
- McDermott Investment Services, LLC · CRD 154926
- Osaic Institutions, Inc. · CRD 35371
- Parkland Securities, LLC · CRD 115368
- Sandlapper Securities, LLC · CRD 137906
- Sigma Financial Corporation · CRD 14303
- Wealthforge Securities, LLC · CRD 152550
Individual representatives named in Item 12 are not listed.
- Date of first sale
- May 24, 2018
- Minimum investment
- $100,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind BR Axis West, DST?
Bluerock Value Exchange sponsors DST programs for 1031 exchange investors. It reported that BR Axis West, DST sold on August 8, 2022 for $86.5 million after a 4.2-year hold, part of a group of five programs sold together. 3 Bluerock's August 23, 2022 release reported a 1.42x equity multiple and a 10.0% average annual return for this trust's investors. 3
- Sponsor
- Offerings on record
What does the SEC record show?
The offering's first sale was May 24, 2018, shortly before the trust filed its initial Form D, the brief SEC notice that a private placement has begun. The amendment that followed updated the offering's reported totals.
- Legal Trust name
- BR Axis West, DST
- SEC CIK
- 1742036
- First Form D
- Jun 4, 2018
- Latest Form D
- Apr 23, 2021
- Filings on record
- 2
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $31,818,872was $31,500,683 | $31,818,872+$30,812,683 | 126+122 | EDGAR | |
| Form D | $31,500,683 | $1,006,189 | 4 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Common questions
- What happened to BR Axis West, DST?
- BR Axis West, DST is a Historical offering. Sold Aug 2022, as reported by Bluerock Value Exchange.
- What did BR Axis West, DST own?
- It owned Axis West, an apartment community at 6820 Axis West Circle in Orlando, Florida. Bluerock Value Exchange's property page describes it as 268 units built in 2017, and the trust identified itself as the owner in a June 11, 2022 Orange County court filing.
- Who operated the apartments and paid rent to the trust?
- BR Axis West Leaseco, LLC, a Bluerock affiliate, held a 10-year master lease on the property. The offering brochure says the master tenant operated the community and subleased the apartments to residents, so the trust received rent from the master tenant instead of from individual renters.
- How was the purchase financed?
- With a mortgage and investor equity. The offering brochure lists a $38.4 million loan with a 10-year term and a fixed rate, against a stated offering purchase price of $69,900,683 that included roughly $650,000 in supplemental trust reserves.
- Did the property ever sell?
- Yes. Bluerock Value Exchange reported that BR Axis West, DST completed its full-cycle sale on August 8, 2022 for $86.5 million after a 4.2-year hold, as one of five Bluerock DST programs sold together for $393 million in total value.
- How was the offering sold to investors?
- Under Rule 506(b), the private placement rule that bars general advertising and limits the offering to investors the sponsor already knows. The minimum investment reported on the Form D was $100,000, and investors had to be accredited, meaning they met SEC income or net worth tests.
In the news
Sources
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DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.