Top1031

Skytop Apartments

Multifamily property in Cincinnati, OH · sponsored by Bluerock Value Exchange

Active offeringLatest Form D filed Oct 2, 2025 (opens in a new tab)

Skytop Apartments is a DST sponsored by Bluerock Value Exchange that owns a multifamily property in Cincinnati, OH (361 units). Its latest Form D, filed Oct 2, 2025, lists a $45.4 million offering with a $100,000 minimum.

Key facts

Minimum investment
$100,000
From the Form D
Offering size
$45,410,114
Equity offered, per the Form D
Sold so far
None reported as of Oct 2, 2025
Form D, Oct 2, 2025
Selling commissions
$3,927,975 · 8.6% 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(c)
May be advertised publicly. Every buyer’s accredited status must be verified.

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 →

Sales so far

Latest Form D
Oct 2, 2025 · 1 filing

No sales reported in a Form D amendment yet. Latest notice Oct 2, 2025.

Weighing this offering for your exchange? A licensed 1031 specialist from our affiliated partner can go through these filings with you.

Ask a 1031 specialist about this recordFree. About: Skytop Apartments. Top1031 is not a broker-dealer.
Skytop Apartments image 1 of 3

Skytop Apartments · Cincinnati, OH · Photo: liveatskytop.b-cdn.net

City-level mapCincinnati, OH metroMap shows the city, not the exact address.

What does Skytop Apartments own?

Bluerock closed the $88.5 million acquisition on September 29, 2025, with this Trust as the acquisition vehicle holding the fee-simple interest in the Cincinnati property. 2 The sellers were unaffiliated: Wood Stone V Holdings Skytop LLC and Wood Stone VI Skytop Holdings LLC. 2 The parent's December 2025 property table lists an average year built of 2024. 3 The community first crossed Bluerock's 90% physical-occupancy stabilization threshold in the second quarter of 2025. 2

Property address
5280 Beechmont Avenue, Cincinnati, OH
Property size
361 units

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

A Fannie Mae senior mortgage secured by the property sits ahead of investor equity and is interest-only, so no principal amortizes before its October 1, 2035 maturity. 2 Bluerock Homes Trust funded the balance of the September 2025 closing with company equity and a draw on its KeyBank credit facility — parent-level borrowing rather than Trust debt. 2

Debt

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

Costs and terms from the Form D

Selling commissions
$3,927,975 · 8.6% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$7,026,042 · 15.4% of offering
Form D Item 16
· The filing’s note: “The Sponsor is entitled to Organization and Offering Expenses of $363,281 + Loan-Related Costs of $1,823,759 + Other Closing Costs of $2,626,502. The Manager will receive an Acquisition Fee of $2,212,500.”
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Not in the Form D
Minimum investment
$100,000

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.

What does the SEC record show?

The Trust's original exempt-offering notice has never been amended, so its own SEC record stops in 2025 and says nothing about the parent's later report that the DST was fully subscribed. 4 It is offered under the private-placement exemption that permits general solicitation, provided the issuer verifies every buyer is an accredited investor — someone meeting SEC income or net-worth tests.

Legal Trust name
BR Skytop Multifamily, DST
SEC CIK
2089442
First Form D
Oct 2, 2025
Latest Form D
Oct 2, 2025
Filings on record
1
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D$45,410,114
$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

Is Skytop Apartments an active offering?
Skytop Apartments is an Active offering: its latest Form D was filed Oct 2, 2025. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
Who is the tenant, and how does the lease work?
There is no corporate credit tenant. Residents occupy the 361 apartments under leases that Bluerock Homes Trust's September 2025 acquisition Form 8-K describes as generally one year in length, treated as operating leases. Income therefore depends on continuing resident demand and renewals rather than one long-term contract. The property's leasing website displays RPM Living branding and an RPM Living contact email; the public filings reviewed here do not spell out the DST's internal lease arrangements, so request the lease documents and the offering documents.
What debt funded the purchase?
Bluerock Homes Trust's Form 8-K for the September 29, 2025 closing disclosed an approximately $57.5 million Fannie Mae senior loan made to the Skytop DST and secured by the property, bearing fixed 4.98% interest with interest-only payments and maturing October 1, 2035. The same filing reported approximately $13.0 million of gross company equity and approximately $22.0 million borrowed through the company's KeyBank credit facility; that credit-facility borrowing is parent-level debt rather than a loan identified as made to the Trust. Because the senior loan is interest-only, its principal balance does not amortize during the term.
What has been reported about occupancy and rents?
Bluerock Homes Trust treats 90% physical occupancy as its stabilization threshold and reported in its September 2025 acquisition Form 8-K that Skytop first reached that level in the second quarter of 2025. Its 2025 Form 10-K reported occupied units at 94.5% of all Skytop units as of December 31, 2025, or 95.0% excluding units held for sale or renovation, and listed the property's average rent as $1,721 at that date. No more recent property-level occupancy figure was located in this review; ask the sponsor for a current rent roll.
What does the Trust actually own, and what does the sponsor retain?
Per Bluerock Homes Trust's Form 8-K for the September 29, 2025 closing, BR Skytop Multifamily, DST was the acquisition vehicle, and the acquired entity held the fee-simple interest in Skytop Apartments at 5280 Beechmont Avenue, Cincinnati, Ohio. Investors in turn hold beneficial interests in the Trust. The parent's 2025 Form 10-K operating-investment table listed a 3% ownership interest for Skytop at December 31, 2025, and its June 30, 2026 Form 10-Q listed $82.297 million of net real estate investments for the property.
Is there an exit into REIT units?
The Top1031 record carries no planned 721/UPREIT conversion for this Trust — the transaction in which investors contribute property to a REIT's operating partnership in exchange for units. Bluerock's dealer manager distributes both 1031 and 721 programs, but that is a platform description, not a commitment for this offering. Any repurchase, conversion, or sale rights are governed solely by the offering documents and the trust agreement, so read those documents before assuming an exit route exists.

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.