Skytop Apartments

The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.

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.

Probably not. StockTitan's August 13, 2026 coverage of Bluerock Homes Trust's quarterly report stated that the Skytop Apartments DST had been fully subscribed with equity from individual investors as of June 30, 2026. The Trust's own Form D — the brief exempt-offering notice filed with the SEC — has not been amended since it was filed on October 2, 2025, so this Trust's SEC filing record by itself does not show what is available today. Confirm current availability with the sponsor or your broker-dealer before naming it on a 45-day identification list.

Bluerock Homes Trust's Form 8-K for the September 29, 2025 closing disclosed that the $88.5 million acquisition was funded with approximately $13.0 million of gross equity, a $57.5 million Fannie Mae senior loan, and approximately $22.0 million of borrowings under the company's KeyBank credit facility. The same filing described the Fannie Mae loan as secured by Skytop Apartments, fixed at 4.98% per annum, interest-only during its term, and maturing October 1, 2035. The KeyBank borrowings bear interest at SOFR plus 3.60% or, at the company's option, the base rate plus 2.50%, and mature one year from funding subject to minimum paydowns.

Households, not a single corporate tenant — this is a 361-unit apartment community at 5280 Beechmont Avenue in Cincinnati, Ohio, and the acquisition Form 8-K described units rented under lease agreements generally one year in length, accounted for as operating leases on a straight-line basis. No property manager or operator is named in the primary filings reviewed as of September 16, 2026. Above the resident leases sits a master lease: Bluerock Homes Trust's Form 10-K for December 31, 2025 describes its operating partnership serving as master tenant under master leases in the DST Program, having issued non-interest-bearing demand notes that may be called if operating cash flow is insufficient to pay required rent.

Bluerock Homes Trust defines stabilization as 90.0% physical occupancy and stated in its acquisition Form 8-K that Skytop Apartments did not reach that threshold until the second quarter of 2025. Its Form 10-Q for the quarter ended June 30, 2026 still lists Skytop as a 361-unit property in Cincinnati, Ohio. No later Skytop-specific occupancy figure was located in the filings reviewed as of September 16, 2026.

A Delaware statutory trust interest is treated as a direct interest in real estate for exchange purposes, which is why 1031 exchangers use it. With an apartment community, income comes from many short-term household leases rather than one long-term corporate lease, so the rent roll turns over continuously and a master lease typically stands between the residents and the trust. This Trust also carries mortgage debt, which matters if you need to replace debt from your relinquished property. The governing terms — including any repurchase, conversion or sale rights — live in the PPM, the private placement memorandum for the offering.

The Form D filed for BR Skytop Multifamily, DST identifies BHM Skytop Exchange TRS, LLC as sponsor and Bluerock Value Exchange, LLC as an affiliate of the sponsor. The underlying property sits within the DST Program of Bluerock Homes Trust, a company that files periodic reports with the SEC, and its Form 10-K for December 31, 2025 listed Skytop Apartments as one of four properties held through that program.