Residence at Stonebrook
Multifamily property in Nashville, TN · sponsored by Bluerock Value Exchange
Historical · soldSold May 2019, as reported by Bluerock Value Exchange · last Form D Jan 13, 2012Sponsor source (opens in a new tab)
Residence at Stonebrook was a DST sponsored by Bluerock Value Exchange that owned a multifamily property in Nashville, TN (320 units). Bluerock Value Exchange sold the property in May 2019, as reported by the sponsor.
How it ended
Sold, result reported by the sponsor
Sold May 2019.
- Date
- May 31, 2019
- Held
- 7.6 years
Key facts
- Minimum investment
- $150,000From the Form D
- Offering size
- $8,673,359Equity offered, per the Form D
- Sold
- 7.8%Form D, Jan 13, 2012; the % is our arithmetic
- Investors reported
- Form D, Jan 13, 20124
- Selling commissions
- Form D Item 15; the % is our arithmetic$910,703 · 10.5% of offering
- 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 →
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Ask a 1031 specialist about this recordFree. About: Residence at Stonebrook. Top1031 is not a broker-dealer.Residence at Stonebrook · Nashville, TN · Photo: bluerock.com
What did Residence at Stonebrook own?
Bluerock's property page places Residence at Stonebrook at 121 Hickory Trace Drive in Nashville, Tennessee, and describes a Class B garden-style apartment community. 3 Bluerock reported that the trust acquired the property in December 2011 for approximately $18.3 million and that the property's net operating income increased by more than 80% during its ownership. 2
- Reported location
- Nashville, TN
- Property size
- 320 units; 306,090 rentable square feet; approximately 21 acres
How was it financed, and what did it cost to sell?
No public filing identifies a mortgage lender, a loan balance, or a leverage measure for this Trust. The initial Form D did estimate $1,085,275 for organization and offering expenses, a financing fee, the sponsor's acquisition fee, and closing costs. 1
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $910,703 · 10.5% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,085,275 · 12.5% of offeringForm D Item 16· The filing’s note: “Organization and offering expenses, financing fee, sponsor's acquisition fee and closing costs.”
- Broker-dealers named in the Form D
- 3 named in the Form D
Show the firms
- American Portfolios Financial Services, Inc. · CRD 18487
- Primex · CRD 29394
- Sigma Financial Corporation · CRD 14303
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Dec 28, 2011
- Minimum investment
- $150,000
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. The issuer marked these amounts as an estimate.
Who's behind Residence at Stonebrook?
Bluerock Value Exchange is the 1031 exchange arm of Bluerock Real Estate, which the January 13, 2012 Form D amendment named as promoter alongside BR Nashville Stonebrook DST Manager, LLC as an affiliate of the issuer. 4 On June 18, 2019, Bluerock announced the sale as one of the most successful full-cycle events in the history of securitized 1031 DST programs, reporting more than $26.9 million of equity returned on an $8.7 million investment over roughly 7.5 years. 2
- Sponsor
- Offerings on record
What does the SEC record show?
The public paper trail is short: the initial notice reported that no sale had yet occurred, and the January 2012 amendment reported a first sale on the same date the original notice was filed, against an unchanged total offering amount. 4 Interests were sold privately to accredited investors — those meeting SEC income or net-worth tests — without general advertising.
- Legal Trust name
- BR Nashville Stonebrook, DST
- SEC CIK
- 1537895
- First Form D
- Dec 28, 2011
- Latest Form D
- Jan 13, 2012
- Filings on record
- 2
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $8,673,359 | $684,000+$684,000 | 4 | EDGAR | |
| Form D | $8,673,359 | $0 | 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 Residence at Stonebrook?
- Residence at Stonebrook is a Historical offering. Sold May 2019, as reported by Bluerock Value Exchange.
- What did the sponsor report investors received?
- Bluerock reported approximately $4.4 million of distributions paid at 6.5%–7.0% annual rates, more than $26.9 million of equity returned on an $8.7 million investment (described by Bluerock as a 3.1x return) over an approximately 7.5-year hold, and — including distributions — a 364% total return and 48.5% average annual return. These are sponsor-published figures for a completed transaction; Top1031 has not independently verified them.
- Why do the SEC filings show only a small amount sold?
- Because the last Form D amendment was filed January 13, 2012, only weeks after the first sale. No later amendment appears on the record, so the public filings capture the earliest stage of the raise rather than any final total. Bluerock later described the investment as $8.7 million of equity in its 2019 full-cycle announcement.
- Where is the property, and who owns it now?
- Bluerock's property page identifies 121 Hickory Trace Drive, Nashville, TN 37211, a Class B garden-style apartment community. A current Rent.com listing for that same address states the community is managed by Morgan Properties, which speaks only to present-day management, not to the DST. No source located in research identifies the buyer in the 2019 sale or the current owner.
- What does "full-cycle" mean for a DST?
- A DST is a passive, single-purpose trust: investors buy beneficial interests that qualify for 1031 like-kind exchange treatment, and the trust holds the property until it is sold. "Full-cycle" means that final step happened — the property was sold and proceeds were distributed, ending the program. Bluerock characterized this Trust's May 31, 2019 sale as such an event.
In the news
Sources
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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.