Top1031

Plaza Gardens

Multifamily property in Overland Park, KS · sponsored by Bluerock Value Exchange

Historical · soldSold Jul 2019, as reported by Bluerock Value Exchange · last Form D Jun 22, 2010Sponsor source (opens in a new tab)

Plaza Gardens was a DST sponsored by Bluerock Value Exchange that owned a multifamily property in Overland Park, KS. Bluerock Value Exchange sold the property in Jul 2019 for $33,200,000, as reported by the sponsor.

How it ended

Sold, result reported by the sponsor

Sold Jul 2019 for $33,200,000 as reported by the sponsor

Equity multiple
1.34× as reported by the sponsor
Date
Jul 1, 2019
Held
10.9 years

Sponsor document (opens in a new tab)

Bluerock Value Exchange has 3 active offerings on record →

Key facts

Minimum investment
$37,723
From the Form D
Offering size
$8,620,783
Equity offered, per the Form D
Sold
58.5%
Form D, Jun 22, 2010; the % is our arithmetic
Investors reported
30
Form D, Jun 22, 2010
Selling commissions
$353,607 · 4.1% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
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 →

Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.

Ask a 1031 specialist about this recordFree. About: Plaza Gardens. Top1031 is not a broker-dealer.
Plaza Gardens image

Plaza Gardens · Overland Park, KS · Photo: bluerock.com

What did Plaza Gardens own?

The community sits at 13900 Newston St in Overland Park, Kansas, and totals roughly 287,400 square feet. 2 It was built in 1999 on 20.1 acres, with two- and three-bedroom townhomes averaging 1,437 square feet. 3 Bluerock acquired it in August 2008 and placed it in a Delaware statutory trust structured for 1031 like-kind exchanges. 3 Bluerock reported the property sold in July 2019 for $87.5 million.

Reported location
Overland Park, KS
Property size
200-unit townhome community

How was it financed, and what did it cost to sell?

Neither the Form D nor Bluerock's public materials state a lender, loan balance, or maturity for this Trust. Bluerock did report completing a strategic refinance and recapitalization for investors in 2015, partway through the hold. 3

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$353,607 · 4.1% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$633,000 · 7.3% of offering
Form D Item 16
Broker-dealers named in the Form D
9 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Dec 9, 2008
Minimum investment
$37,723

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.

What does the SEC record show?

One document sits on the SEC record: an amended Form D notice. It reports beneficial interests in a Delaware statutory trust formed in 2008, with the first sale of interests dated December 9, 2008 — roughly eighteen months before the amendment was filed. 1 Interests were offered privately to accredited investors rather than by public advertising.

Legal Trust name
BR PLAZA GARDENS DST
SEC CIK
1456294
First Form D
Jun 22, 2010
Latest Form D
Jun 22, 2010
Filings on record
1
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D$8,620,783
$5,051,536
30
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 Plaza Gardens?
Plaza Gardens is a Historical offering. Sold Jul 2019, as reported by Bluerock Value Exchange.
Was the Trust leveraged?
Public filings do not say. The 2010 Form D discloses no debt terms, and the sponsor materials reviewed do not state a loan balance, lender, or loan-to-value. Bluerock did report a 2015 refinance and recapitalization, which implies mortgage debt, but the terms are not public.
Who was the tenant?
There was none in the single-tenant sense. This was a 200-unit townhome community leased to residents, so cash flow depended on occupancy and rents across many short-term leases rather than one corporate credit.

In the news

Bluerock Announces the Profitable Full Cycle Sale of Overland Park, KS 1031 DST Program Acquired During the Great RecessionPress release announcing BVEX/BVEX I, LLC completed the sale of Plaza Gardens, a 200-unit townhome community in Overland Park, KS for $87.5M in July 2019, returning more than $74M of original equity to investors.
Bluerock (via PR Newswire) ↗also: Bluerock (news page) ↗also: Bluerock ↗also: Bluerock (press release republication on bluerock.com/category/press-release/bluerock-value-1031-exchange/) ↗

Sources

Show sources (6)Hide sources (6)

These links support the record as a whole; individual details may come from different sources.

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.