Plaza Gardens
Multifamily property in Overland Park, KS — sponsored by Bluerock Value Exchange
Files with the SEC as BR PLAZA GARDENS DST
Minimum investment
$38k
Offering size
$8.6M
How much has sold
59.0%
Asset type
Multifamily property
Location
Overland Park, KS
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Plaza Gardens was a Delaware statutory trust (DST) — a structure letting accredited investors hold fractional real estate that qualifies for a 1031 exchange — owning a 200-unit Class A townhome community in Overland Park, Kansas.2 Bluerock Value Exchange acquired the property in August 2008, at the depth of the financial crisis, and announced a full-cycle sale in July 2019.3
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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?
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
Who is the tenant, and what's the lease?
This is residential rental property, so there is no single corporate tenant — income came from resident leases rather than one long-term commercial lease. The SEC filing and sponsor materials reviewed state no occupancy, rent roll, or lease terms.
How did it end?
Sold after 10.9 years; sponsor reported 1.34x
Listed as a completed/full-cycle program on Bluerock Value Exchange's published track record.
200-unit Class A townhome community built in 1999; 2- and 3-bedroom townhomes with fireplaces, in-home washers/dryers, direct-access garages; acquired during the Great Recession at approximately $21.1M; profitable full-cycle sale closed July 2019 at $87.5M (returning more than $74M of original equity to investors); sponsor: Bluerock Real Estate, LLC (Bluerock Value Exchange / BVEX).
200-unit townhome community1.34×Equity multiple · as reported by the sponsor
4.2%Annualized return · as reported by the sponsor
$33,200,000Sale price · as reported by the sponsor
Supporting evidence
How is it financed, and what does it pay?
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
Who's behind it?
Bluerock Value Exchange is the 1031 exchange platform of Bluerock Real Estate, LLC. The Trust's Form D names Bluerock Real Estate, LLC as a promoter and BR Plaza Gardens Manager, LLC as the manager of BR Plaza Gardens.1 On August 20, 2019, Bluerock announced the full-cycle sale of this program, reporting a 134% total return on equity investment inclusive of distributions.3
- Sponsor
- Bluerock Value Exchange
- Legal Trust name
- BR PLAZA GARDENS 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 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.
- 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 Plaza Gardens?
Top1031 lists Plaza Gardens as historical. It is no longer raising money.
Where does Top1031 get the data for Plaza Gardens?
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 this Trust?
Almost certainly not. The only SEC filing on record is an amended Form D from 2010, and Bluerock announced in August 2019 that the underlying Overland Park, Kansas townhome community had been sold in July 2019. Treat this record as history, and confirm current status directly with Bluerock Value Exchange before relying on it.
What happened to the property?
Bluerock acquired the community in August 2008 and reported a full-cycle sale in July 2019, characterizing it as a profitable disposition of a DST program bought during the Great Recession. Sponsor materials also report a strategic refinance and recapitalization for investors in 2015.
What is a DST, and why does it matter here?
A Delaware statutory trust holds real estate and issues beneficial interests that the IRS treats as like-kind property, so an investor selling other real estate can roll proceeds into it through a 1031 exchange. Bluerock structured BR Plaza Gardens DST that way for accredited investors.
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.
Chapter 9Bluerock 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.