Churchill Downs
Multifamily (Class B townhome/garden, value-add) property in Aberdeen, NC — sponsored by Bluerock Value Exchange
Files with the SEC as BR Churchill Downs, DST
Minimum investment
$100k
Offering size
$37.8M
How much has sold
None sold yet
Asset type
Multifamily (Class B townhome/garden, value-add) property
Location
Aberdeen, NC
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
BR Churchill Downs, DST is a Delaware statutory trust — a passive co-ownership vehicle whose beneficial interests can serve as replacement property in a 1031 exchange — holding one townhome and garden-apartment community in Aberdeen, North Carolina, near Pinehurst. Bluerock Value Exchange announced it on June 20, 2025 as its 42nd individual DST program.1 The Offering is recorded as fully subscribed and closed to new investors.
44.86% LTV; $100K min; $30.7M Fannie/KeyBank 5.13% IO to 2035; acq Apr-25 $56.6M; Y1 dist 4.28%; RPM Living
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These links support the public record as a whole; 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?
The community's 34 residential buildings — 96 direct-entry townhomes and 176 garden-style apartments, plus a clubhouse, leasing office and fitness center — were completed between 2000 and 2003.2 It operated as Hawthorne at the Pines and was being rebranded Southern Pines Reserve.2 The Trust acquired it on April 28, 2025 for $56.6 million against a $57.9 million appraisal, after roughly $1.5 million of clubhouse, roof, landscaping and pool work.2
- Property address
- 800 Churchill Downs Drive, Aberdeen, NC
- Property size
- 272 units; 288,480 net rentable square feet
Who is the tenant, and what's the lease?
Residents sign ordinary apartment leases; no outside corporate tenant stands behind the rent. The Trust master-leases the property to an affiliated master tenant on a ten-year lease, and RPM Living, LLC handles day-to-day on-site management under Bluerock Homes Manager, LLC.2
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
The sponsor reported this offering sold out without filing per-sale amendments, so there is no raise history to show.
How is it financed, and what does it pay?
The Trust did not buy all-cash: investor equity was paired with a first mortgage from KeyBank National Association under Fannie Mae's DUS multifamily lending program.2 The loan is non-recourse and pays interest only, so principal comes due as a balloon at maturity.2
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
Bluerock Value Exchange is the 1031 exchange arm of Bluerock. It announced this Trust on June 20, 2025 as its 42nd individual DST program and named RPM Living as the community's property manager.1 The Form D names BHM Churchill Downs Exchange TRS, LLC as sponsor of the issuer, BR Churchill Downs DST Manager, LLC as manager and BHM Churchill Downs Investment Co, LLC as depositor.3 On August 3, 2026, dealer manager Bluerock Capital Markets added three senior regional vice presidents to widen adviser coverage.
- Sponsor
- Bluerock Value Exchange
- Legal Trust name
- BR Churchill Downs, 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?
The issuer's only federal filing is a new Form D notice — the brief federal notice of an exempt offering — with no later amendment on record, so the federal file was never updated as the raise progressed.3 The exemption claimed permits public advertising, provided each buyer's accredited status is verified rather than self-certified.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- 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
Is Churchill Downs still raising money?
Top1031 lists Churchill Downs as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for Churchill Downs?
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 place a 1031 exchange into this Trust?
Not on the evidence available. Top1031's pipeline data records the Offering as fully subscribed, and the Baker 1031 offering listing — a third-party page summarizing sponsor materials, not an SEC record — marks it closed and shown for reference only, last updated July 13, 2026. No issuer amendment confirming a close appears in the federal file. Confirm current availability directly with Bluerock Value Exchange, which has other DST programs still raising, each with its own property, debt and terms.
What does it mean that this is a DST rather than direct ownership?
A Delaware statutory trust holds title to the property, and investors buy beneficial interests that the IRS treats as like-kind replacement property for a 1031 exchange. Investors have no management role: the trustee and manager act, and the structure sharply limits refinancing, raising new capital and renegotiating leases. Liquidity comes from an eventual sale of the property, not from a public market.
Who operates the apartments, and who pays rent to the Trust?
Sponsor-sourced offering materials published by Baker 1031 describe a ten-year master lease to an affiliated master tenant, with RPM Living, LLC handling on-site management under Bluerock Homes Manager, LLC; Bluerock Value Exchange's June 20, 2025 launch announcement also names RPM Living as manager. Because the master tenant is an affiliate rather than an unrelated corporate credit, the rent reaching the Trust depends on how the apartments themselves perform. The private placement memorandum (PPM) — the offering's governing disclosure document — controls.
How much debt does the Trust carry?
Sponsor-sourced offering materials published by Baker 1031 report a $30,739,000 first-mortgage loan from KeyBank National Association under the Fannie Mae DUS program, fixed at 5.13% for ten years, interest-only and non-recourse. The same materials state total capitalization of $68,517,539 and a reported loan-to-value ratio of 44.86%. Those are sponsor-reported figures reaching the public through a third-party listing; the PPM and loan documents govern.
How full was the property when it was bought?
Sponsor-sourced offering materials published by Baker 1031 report 91% occupancy as of April 30, 2025 — two days after the April 28, 2025 acquisition closed. That is an acquisition-period snapshot, not a current figure. No later occupancy figure was located in public sources; current operating data would come from sponsor investor reporting.
Could this convert into REIT shares through a 721/UPREIT exit?
The record shows no 721 conversion feature. In a 721/UPREIT exit, a DST's property is contributed to a REIT's operating partnership in exchange for units; absent that path, an exit would normally come from a sale of the property on the terms and timing described in the PPM.
Chapter 9Bluerock Value Exchange Launches $37.8 Million 1031 Exchange BR Churchill Downs Multifamily DST in Pinehurst, NCSyndicated PR Newswire copy of the Bluerock Value Exchange launch announcement distributed via Yahoo Finance.