Chace Lake Villas
Multifamily property in Birmingham, AL · sponsored by Bluerock Value Exchange
Historical · soldSold Dec 2017, as reported by Bluerock Value Exchange · last Form D Aug 30, 2012Sponsor source (opens in a new tab)
Chace Lake Villas was a DST sponsored by Bluerock Value Exchange that owned a multifamily property in Birmingham, AL (264 units). Bluerock Value Exchange sold the property in Dec 2017 for $28,300,000, as reported by the sponsor.
How it ended
Sold, result reported by the sponsor
Sold Dec 2017 for $28,300,000 as reported by the sponsor
- Annualized return
- 8.1% as reported by the sponsor
- Date
- Dec 1, 2017
- Held
- 5.5 years
Key facts
- Minimum investment
- $225,000From the Form D
- Offering size
- $12,630,565Equity offered, per the Form D
- Sold
- Not reported after the first Form D (Aug 30, 2012)Form D, Aug 30, 2012
- Selling commissions
- Form D Item 15; the % is our arithmetic$884,140 · 7.0% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.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: Chace Lake Villas. Top1031 is not a broker-dealer.Chace Lake Villas · Birmingham, AL · Photo: bluerock.com
What did Chace Lake Villas own?
Chace Lake Villas stands at 98 Chace Lake Parkway in Birmingham, Alabama. 3 Bluerock described it as a three-story, garden-style apartment community built between 1994 and 1996, with studio through three-bedroom floorplans. 2 Bell Partners sold the community to Bluerock in a transaction that closed September 28, 2012, and stayed on as property manager. Bluerock later reported replacing flooring, countertops, appliances, fixtures and window treatments during the hold. 2
- Reported location
- Birmingham, AL
- Property size
- 264 units; 261,642 total sq. ft.; average unit size 991 sq. ft
How was it financed, and what did it cost to sell?
Public filings do not establish how this trust financed the property — no trust-level loan, lender, or leverage figure was located. A $20.695 million Fannie Mae loan reported in January 2018 was made to a different named borrower for a later acquisition of the same community, not to this trust. 6
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $884,140 · 7.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $807,917 · 6.3% of offeringForm D Item 16
- Date of first sale
- Not in the Form D
- Minimum investment
- $225,000
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 Chace Lake Villas?
Bluerock Value Exchange is the 1031 exchange platform of Bluerock Real Estate, LLC, which the Form D named as promoter, with BR Chace Lake DST Manager, LLC as manager of the issuer. 1 In its January 22, 2018 sale announcement, Bluerock stated the Chace Lake program was closed and not open to new investment. 2 Bluerock's current Value Exchange portfolio page lists Chace Lake Villas as sold. 5
- Sponsor
- Offerings on record
What does the SEC record show?
One Form D — the short notice an issuer files for a private placement — is on record, submitted as a new notice reporting that the first sale had not yet occurred, and never amended. 1 It was offered under Rule 506(b), which bars public advertising and limits sales to accredited investors the sponsor already knows.
- Legal Trust name
- BR Chace Lake, DST
- SEC CIK
- 1556512
- First Form D
- Aug 30, 2012
- Latest Form D
- Aug 30, 2012
- Filings on record
- 1
- 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 | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D | $12,630,565 | $0 | 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 Chace Lake Villas?
- Chace Lake Villas is a Historical offering. Sold Dec 2017, as reported by Bluerock Value Exchange.
- What outcome was reported for this Trust?
- Bluerock Value Exchange reported that it acquired the property for about $21.5 million in September 2012, sold it for roughly $28.3 million in December 2017 after an approximately five-year hold, and produced an 8.1% internal rate of return including cash flow. That figure is the sponsor's own reported result; SEC filings do not confirm investor-level results.
- Who bought the property?
- CoStar reported in January 2019 coverage dated January 19, 2018 that Bluerock sold the 264-unit community to Rivergate Companies for $28.32 million, about $107,000 per unit. In April 2021, Carter Multifamily announced acquiring a Birmingham property named Chace Lake Villas for $31.37 million as part of a $58.2 million two-property deal; that announcement does not identify the seller.
- Why does EDGAR show only one filing for this trust?
- Issuers file a Form D within 15 days of the first sale and may amend it annually or when terms change. This trust filed a single new notice on August 30, 2012 reporting the first sale had not yet occurred, and no amendment appears in the record — so the public file never documents final subscription totals.
- Was the trust leveraged?
- The public record does not say. The Form D discloses the offering of beneficial interests but no mortgage debt, and no trust-level loan or leverage disclosure was located. A prospective buyer of a comparable offering would find debt terms only in the offering documents.
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.