Churchill Downs
Multifamily (Class B townhome/garden, value-add) property in Aberdeen, NC — sponsored by Bluerock Value Exchange
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
BR Churchill Downs, DST is a Delaware statutory trust — a passive co-ownership structure 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.2 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.
Minimum investment
$100k
Offering size
$37.8M
How much has sold
None sold yet
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited 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 Trust bought this Class B townhome and garden-apartment community on April 28, 2025 for $56.6 million, against a $57.9 million appraisal.2 It had operated as Hawthorne at the Pines and was rebranded Southern Pines Reserve.2 Sponsor materials list roughly $1.5 million of completed common-area work — clubhouse, leasing office, fitness center, roofs, landscaping, parking lot, pool and pet area.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 credit stands behind the rent. The Trust master-leases the property to an affiliated master tenant for ten years, with base rent sized to cover debt service and further rent tiers tied to how the property performs.2 RPM Living, LLC handles on-site management.2
How did it end?
No exit reported
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
272 units; 288,480 net rentable square feetCounted on Bluerock Value Exchange’s Record Card as: No outcome recorded · under 7 years
How is it financed, and what does it pay?
This is not an all-cash Trust: 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 interest-only, so nothing amortizes and the full principal comes due at maturity.2
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
Bluerock Value Exchange is Bluerock's 1031 exchange platform. 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. On August 3, 2026, Bluerock's dealer manager, Bluerock Capital Markets, added three senior regional vice presidents to broaden adviser coverage for its 1031 and 721 programs.
- Sponsor
- Bluerock Value Exchange
- May convert to a REIT
- No
- Offerings from this sponsor
- 4 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 federal file was opened once and never revisited: a single new-notice Form D — the brief federal notice of an offering sold under an exemption from registration — with no later amendment on record.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.
- Legal Trust name
- BR Churchill Downs, DST
- 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
What happened to Churchill Downs?
Churchill Downs is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
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, 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, structured with base rent covering debt service, additional rent supporting monthly distributions and supplemental rent linked to performance; RPM Living, LLC manages the property on site. 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 master tenant's exact legal name was not disclosed in the public materials reviewed. 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, within total capitalization of $68,517,539 — roughly 44.8% loan-to-capitalization by the same materials' description. 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 the public sources reviewed; 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.