Skytop Apartments
Legal trust name BR Skytop Multifamily, DST
Talk to a 1031 specialistData updated Oct 2, 2025
Offering size$45.4M
Asset typeMultifamily
LocationCincinnati, OH
FinancingLeveraged
Regulation D exemptionRule 506(c)
Sponsor-reported potential 721/UPREIT exitNo
First filedOct 2, 2025
Last filedOct 2, 2025
Minimum$100k
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.
Skytop Apartments is a 361-unit Class A multifamily community at 5280 Beechmont Avenue in Cincinnati, Ohio, built between 2021 and 2024. Bluerock Homes Trust completed its acquisition on September 29, 2025 for $88.5 million, holding the property through BR Skytop Multifamily, DST, sponsored by Bluerock Value Exchange. Tenant leases generally run one year, and the community reached 90.0% physical occupancy in the second quarter of 2025, Bluerock's stabilization threshold. The acquisition was funded with Bluerock Homes Trust equity, a Fannie Mae senior loan, and borrowings under the KeyBank credit facility.
PP $88.5M; $57.5M Fannie Mae loan 4.98% fixed IO (~56% LTV vs $45.4M equity); hit 90% occupancy Q2 2025
361 unitsBased on issuer-filed Form D notices through Oct 2, 2025. Amounts are self-reported, may lag current subscriptions, and do not confirm availability. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Reported sold as a percentage of stated offering amount0.0%Current Form D data does not support a reliable raise-progress estimate.
Not enough filing history for a trend line.
Capital sold, per latest Form D—
Remaining amount reported in latest Form D$45,410,114
Investor count reported in latest Form DNot disclosed
Stated minimum investment$100,000
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First filedOct 2, 2025
Latest filingOct 2, 2025
Filings tracked1
View filing on SEC EDGARForm D is an issuer notice filing. A filing does not mean the SEC approved, endorsed, or verified the offering.
Offering profile
SEC filings + cited sources
Property and ownership
Skytop Apartments is a 361-unit Class A residential community at 5280 Beechmont Avenue in Cincinnati, Ohio, built between 2021 and 2024 1. On September 29, 2025, Bluerock Homes Trust, Inc. closed the acquisition through BR Skytop Depositor, purchasing BHM Skytop TH, LLC (the TH Entity) for $88.5 million from unaffiliated sellers Wood Stone V Holdings Skytop LLC and Wood Stone VI Skytop Holdings LLC 1. BR Skytop Multifamily, DST holds the membership interests in the TH Entity, which owns fee simple title to the property 1. The sponsor's press release confirms the same 361-unit Cincinnati community and its September 29, 2025 closing 2.
Financing
The acquisition was funded with approximately $13.0 million of gross equity from Bluerock Homes Trust; a Fannie Mae senior loan to BR Skytop DST of approximately $57.5 million, fixed at 4.98% per annum, interest-only, maturing October 1, 2035; and approximately $22.0 million borrowed under the KeyBank credit facility at SOFR plus 3.60% (or Base Rate plus 2.50% at the company's option), maturing one year from funding subject to certain minimum paydowns 1.
Leases and operating financials
Tenant leases are generally one-year operating leases accounted for under ASC Topic 842, and the property achieved 90.0% physical occupancy in the second quarter of 2025, the stabilization threshold used by Bluerock Homes Trust 1. Under Rule 3-14 historical financials audited by Plante Moran, PC, the property reported FY2024 total revenues of $4,098,000 and revenues in excess of certain operating expenses of $2,127,000; for the six months ended June 30, 2025, total revenues were $3,762,000 with revenues in excess of certain operating expenses of $1,774,000 1.
Offering
The issuer filed a Form D on October 2, 2025 reporting a total offering amount of $45,410,114 3.
Sources (3)
In the news
Frequently asked questions
Is Skytop Apartments currently active?
Skytop Apartments is classified by Top1031 as active. “Active” reflects the latest public record and does not confirm that interests remain available.
Where does Top1031 get the data for Skytop Apartments?
Top1031 tracks this offering from SEC Form D filings and cited sponsor disclosures. Filing data may lag current subscriptions and does not mean the SEC approved or verified the offering.