Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
BR Valley Townhomes DST is a Delaware statutory trust — a structure letting 1031 exchangers hold fractional real estate interests — organized in 2008 by Bluerock Value Exchange.1 It sold privately under Rule 506(b), which bars public advertising, to accredited investors meeting SEC wealth tests. Top1031 reports its 221-unit Puyallup, Washington apartment property was sold in September 2019; it is closed to new investors.2
Show sources (13)Hide sources (13)
These links support the historical public record; individual details may come from different sources.
- U.S. Securities and Exchange Commission — Form D/A ↗
- Top1031 ↗
- U.S. Securities and Exchange Commission — Form D/A ↗
- U.S. Securities and Exchange Commission — Form D/A ↗
- Top1031 ↗
- U.S. Securities and Exchange Commission — Form D/A ↗
- U.S. Securities and Exchange Commission — Form D/A ↗
- Top1031 ↗
- Bluerock Value Exchange ↗
- nasaaefd.org ↗
- sec.gov ↗
- whalewisdom.com ↗
- whalewisdom.com ↗
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
The issuer's own SEC filings never name the asset. Top1031 reports that the Trust's 221-unit apartment property in Puyallup, Washington was sold in September 2019.2 A Bluerock portfolio page separately describes a 221-unit Puyallup community, BR Townhomes at Mountain View, but no reviewed primary record ties that name to this legal entity.9
Who is the tenant, and what's the lease?
The Form D identifies BR Valley LeaseCo, LLC as master tenant and manager — an affiliate that leases the whole property from the Trust and operates it, so investor distributions arrive through that lease rather than from residents directly.6 No lease economics appear in any public filing.
How did it end?
Sold; sponsor reported 9.4% annualized
Listed as a completed/full-cycle program on Bluerock Value Exchange's published track record.
No publicly identifiable underlying townhome property. Form D filings (first sale 2008-07-31) identify the sponsor as Inland Private Capital (Inland Real Estate Group) via BR Valley LeaseCo, LLC, with R. Ramin Kamfar (Inland CEO) as Executive Officer/Promoter and Select Capital Corporation (CRD 145997) as selling broker-dealer; minimum investment $50,000. Sponsor address 680 Fifth Avenue, 16th Floor, New York, NY 10019 (phone 646-278-4221). The 'BR' prefix and shared address match sibling Inland-sponsored BR Town & Country Corporate Center DST (Baton Rouge, LA), consistent with a Baton Rouge-area property, but no specific townhome community has been publicly confirmed.
Who's behind it?
Bluerock Value Exchange is the 1031 exchange arm of the New York-based Bluerock real estate group, at 680 Fifth Avenue. The Form D filings for this Trust name affiliates rather than a parent brand; Top1031 attributes the offering to Bluerock Value Exchange.8 Ramin Kamfar is identified in the October 2009 amendment as an executive officer and promoter, and as a beneficial owner.7
- Sponsor
- Bluerock Value Exchange
- Legal Trust name
- BR VALLEY TOWNHOMES DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 5 active / 18 total offerings from Bluerock Value Exchange
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
Every filing of record here is an amendment; no original Form D appears on EDGAR for this Trust. The later amendment reports a $1,000 minimum investment.4 The earlier one stated a $50,000 minimum and reported a first sale on July 31, 2008, more than a year before it was filed.3
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
What happened to BR VALLEY TOWNHOMES DST?
Top1031 lists BR VALLEY TOWNHOMES DST as historical. It is no longer raising money.
Where does Top1031 get the data for BR VALLEY TOWNHOMES DST?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in BR Valley Townhomes DST?
No. The last Form D amendment on record was filed July 14, 2010, and Top1031 reports the Trust's Puyallup, Washington apartment property was sold in September 2019. The Trust is treated as historical — closed to new investors — and is listed here as a record of a completed offering, not an available one.
What property did the Trust own?
The SEC filings never name a property. Top1031 reports a 221-unit apartment property in Puyallup, Washington, sold in September 2019. Bluerock's own site describes a 221-unit Puyallup community called BR Townhomes at Mountain View, but no reviewed primary record expressly links that property name to the legal entity BR VALLEY TOWNHOMES DST.
Did the offering go full cycle, and what was the result?
Top1031 reports the Puyallup property was sold in September 2019 and cites a sponsor-reported 9.4% annualized return for the full-cycle offering. That figure is the sponsor's own; the SEC filings on record contain no sale price, no debt payoff and no distribution history to check it against.
Who is Bluerock Value Exchange?
Bluerock Value Exchange is the 1031 exchange platform of the Bluerock real estate group in New York, which assembles properties into Delaware statutory trusts so exchange investors can buy fractional interests. Top1031 attributes this Trust to Bluerock Value Exchange; the Form D filings themselves list affiliated entities and individuals rather than a parent brand name.
Why are there only Form D amendments and no original Form D?
EDGAR holds two filings for this trust, both amendments, the first dated October 26, 2009. The reported date of first sale is July 31, 2008, so capital was being raised before the earliest filing available electronically. An original notice may have been filed on paper or under a predecessor system; the PPM and closing binder would settle it.
What does Rule 506(b) mean for how this was sold?
Rule 506(b) is the private-placement exemption that lets an issuer raise unlimited capital from accredited investors without registering with the SEC, provided it does not advertise publicly. Investors typically had to have a pre-existing relationship with the sponsor or its selling broker-dealer, and all terms lived in the private placement memorandum rather than in public filings.