Top1031

BR Diversified Industrial Portfolio I, DST

2 industrial properties in 2 states · sponsored by Bluerock Value Exchange

HistoricalLast Form D filed Sep 13, 2022 (opens in a new tab)

BR Diversified Industrial Portfolio I, DST was a DST sponsored by Bluerock Value Exchange that owned 2 industrial properties in 2 states. Its last Form D was filed Sep 13, 2022.

How it ended

No outcome recorded · under 7 years

The record lists the offering as fully subscribed; the last Form D was filed Sep 13, 2022.

Bluerock Value Exchange has 3 active offerings on record →

Key facts

Minimum investment
$100,000
From the Form D
Offering size
$46,527,793
Equity offered, per the Form D
Sold
4.0%
Form D, Sep 13, 2022; the % is our arithmetic
Investors reported
1
Form D, Sep 13, 2022
Selling commissions
$3,559,377 · 7.6% of offering
Form D Item 15; the % is our arithmetic
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 Diversified Industrial Portfolio I, DST. Top1031 is not a broker-dealer.
BR Diversified Industrial Portfolio I, DST image

BR Diversified Industrial Portfolio I, DST · Photo: bluerock.com

What did the Trust own?

The buildings sit in four markets: Englewood, Colorado, and Sanford, Advance, and Burlington, North Carolina. 2 The Englewood property, completed in 2019, pairs a small building with 6.50 acres of outside storage, and the two Sanford buildings were completed in 2021. 2 The Burlington building dates to 1994 with a 2007 addition; the Advance building to 1967, expanded in 1985. 2

Reported location
Multi-state (2)
Property size
5 buildings; 6 tenants; 567,306 rentable square feet

How was it financed, and what did it cost to sell?

Investor equity sits behind a first mortgage, so each exchanging investor takes on a share of that debt and the lender is repaid before the Trust. The sponsor's term sheet describes the loan as interest-only for its full term with extension options; no lender is named in the located materials. 2

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$3,559,377 · 7.6% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$4,346,700 · 9.3% of offering
Form D Item 16
· The filing’s note: “The Sponsor is entitled to Organization and offering expenses of $348,958 + Acquisition fee of $1,423,800 + loan related costs of $1,183,419 + other closing costs of $1,390,523”
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Sep 9, 2022
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.

What does the SEC record show?

The SEC record holds a single Form D notice with no amendments, so the public filing snapshot dates from the opening of the raise even though the sponsor later reported the Offering fully subscribed. 1 It was offered under Rule 506(b), which bars general advertising and limits purchasers to accredited investors.

Legal Trust name
BR Diversified Industrial Portfolio I, DST
SEC CIK
1945774
First Form D
Sep 13, 2022
Latest Form D
Sep 13, 2022
Filings on record
1
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D$46,527,793
$1,871,606
1
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 Diversified Industrial Portfolio I, DST?
BR Diversified Industrial Portfolio I, DST is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Sep 13, 2022.
How concentrated is the tenant risk?
The portfolio spreads across five buildings and six tenants in Colorado and North Carolina, including Herc Rentals, Wyatts Towing, Pfizer, Liberty Tire Recycling, American Tire Distributors, and Dex Heavy Duty Parts. Lease expirations range from December 31, 2026 to May 31, 2037 per the sponsor's brochure, so renewal timing differs building by building rather than arriving all at once.
Is there a 721/UPREIT exit planned?
The record shows no planned 721/UPREIT conversion — the transaction in which DST interests are exchanged for units in a REIT's operating partnership. On the record here, the expected outcome is a sale of the properties rather than a roll-up into a REIT.
Why do the SEC figures look so small compared with the announced raise?
Form D is a one-time notice filed near the start of an offering, and issuers are not required to amend it as sales progress. This Trust filed once in September 2022 and never amended, so the figures on EDGAR are a snapshot from the earliest days, while the sponsor's own March 27, 2024 announcement reports the completed raise.

In the news

Sources

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These links support the record as a whole; individual details may come from different sources.

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.