Chace Lake Villas
Multifamily property in Birmingham, AL — sponsored by Bluerock Value Exchange
Files with the SEC as BR Chace Lake, DST
Minimum investment
$225k
Offering size
$12.6M
How much has sold
None sold yet
Asset type
Multifamily property
Location
Birmingham, AL
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
BR Chace Lake, DST was a Delaware statutory trust — a structure letting 1031 exchangers hold fractional real estate — that owned Chace Lake Villas, an apartment community in Birmingham, Alabama. It is closed to new investors. Bluerock acquired the property for about $21.5 million in September 2012 and sold it for roughly $28.3 million in December 2017, reporting an 8.1% internal rate of return including cash flow.2
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These links support the historical public record; individual details may come from different sources.
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?
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.
Who is the tenant, and what's the lease?
This is an apartment property: income came from many short-term resident leases rather than one corporate tenant, and no dated occupancy figure appears in the public record. Bell Partners managed the community at the 2012 purchase; the current leasing page names Allegiant-Carter Management.7
How did it end?
Sold after 5.5 years; sponsor reported 8.1% annualized
Listed as a completed/full-cycle program on Bluerock Value Exchange's published track record.
Bluerock's property page describes an established garden-style multifamily community with studio, one-, two- and three-bedroom floorplans, 261,642 total square feet and 991-square-foot average units; Bluerock acquired it for $21.5 million in September 2012 and sold it for $28.3 million in December 2017, with the press coverage reporting an 8.1% IRR.
264 units; 261,642 total sq. ft.; average unit size 991 sq. ft.8.1%Annualized return · as reported by the sponsor
$28,300,000Sale price · as reported by the sponsor
Supporting evidence
How is it financed, and what does it pay?
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
Who's behind it?
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
- Bluerock Value Exchange
- Legal Trust name
- BR Chace Lake, 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?
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.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- 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 Chace Lake Villas?
Top1031 lists Chace Lake Villas as historical. It is no longer raising money.
Where does Top1031 get the data for Chace Lake Villas?
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 Chace Lake, DST?
No. The trust is closed to new investors, and Bluerock Value Exchange stated in its January 22, 2018 announcement that the Chace Lake program was closed and not open to new investment. The underlying property was sold in December 2017.
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 PPM.
Chapter 9Carter Multifamily Buys Two Alabama Multifamily Properties for $58.2 MillionCarter Multifamily acquired Chace Lake Villas as part of a two-property Alabama transaction and planned value-add improvements. Bluerock Sells Chace Lake Villas in Birmingham for $28.3MCoStar reported that Bluerock sold the 264-unit Chace Lake Villas to Rivergate Companies for approximately $28.3 million. Bell Partners Announces Sale of Luxury Community in BirminghamBell Partners announced the sale of Chace Lake Villas to Bluerock Real Estate after the September 2012 closing.