Top1031

Skytop Apartments

Multifamily (Class A, built 2021-2024) property in Cincinnati, OH — sponsored by Bluerock Value Exchange

Files with the SEC as BR Skytop Multifamily, DST

Minimum investment
$100k
Offering size
$45.4M
How much has sold
None sold yet
Asset type
Multifamily (Class A, built 2021-2024) property
Location
Cincinnati, OH
Financing
Leveraged. This offering reports mortgage debt on the property.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

Skytop Apartments is a 361-unit apartment community in Cincinnati, Ohio, held in a Delaware statutory trust (DST) — the structure that lets 1031 exchangers own fractional interests in institutional real estate. Bluerock Homes Trust closed the $88.5 million acquisition on September 29, 2025.1 The company's Form 424B3 reports the Skytop DST fully subscribed with equity from individual investors as of March 31, 2026.2

Skytop Apartments image

PP $88.5M; $57.5M Fannie Mae loan 4.98% fixed IO (~56% LTV vs $45.4M equity); hit 90% occupancy Q2 2025

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These links support the public record as a whole; individual details may come from different sources.

City-level mapCincinnati, OH metroCity-level location. Exact address not publicly confirmed.

On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.

Chapter 2

What exactly is the property?

Bluerock Homes Trust closed on the entity holding fee-simple title, BHM Skytop TH, LLC, on September 29, 2025, buying from unaffiliated sellers Wood Stone V Holdings Skytop LLC and Wood Stone VI Skytop Holdings LLC.1 The company allocated roughly $5.5 million of that purchase price to a real estate tax abatement recorded within other intangible assets.2 The issuer reported the property reached 90.0% physical occupancy — its stated stabilization threshold — in the second quarter of 2025.1

Property address
5280 Beechmont Avenue, Cincinnati, OH
Property size
361 units
Chapter 3

Who is the tenant, and what's the lease?

There is no single corporate tenant here. Income comes from hundreds of individual apartment leases, generally one year in length and accounted for as operating leases, so cash flow depends on continuous re-leasing rather than one credit tenant's promise to pay.1 The property's leasing website lists RPM Living in its contact and resident-portal section.3

Chapter 4

How are sales going?

These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.

How we work out how much has sold

We divide the amount the sponsor reports sold by the offering size in its latest SEC filing, filed Oct 2, 2025.

  • The sponsor reports these amounts itself, and can amend them later.
  • A filing can be behind what has actually sold. It does not confirm that interests are still available.
  • The amount left to sell is the offering size minus the amount sold.

Raise history appears here once sales are filed — free account required.

Chapter 5

How is it financed, and what does it pay?

A Fannie Mae senior loan secured by the property requires interest-only payments, meaning no principal amortizes before the loan matures.1 Bluerock Homes Trust funded the balance of the closing with company equity and borrowings under its KeyBank credit facility.1

Financing
Leveraged. This offering reports mortgage debt on the property.
Chapter 7

What does the paperwork say?

The Trust's own paperwork is thin: the initial notice has never been amended, even as Bluerock Homes Trust reported the Skytop DST fully subscribed.2 It is offered under the private-placement exemption that permits general advertising, provided every purchaser's accredited-investor status — the income or net-worth test — is verified.

  1. Form D filedFirst and latest filing on record.
Filings on record
1
How it may be offered
Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
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.

Chapter 8

Common questions

Is Skytop Apartments still raising money?

Top1031 lists Skytop Apartments as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.

Where does Top1031 get the data for Skytop Apartments?

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.

Is this Trust still open to new investors?

Probably not. Bluerock Homes Trust's Form 424B3 states that the Skytop Apartments DST had been fully subscribed with equity from individual investors as of March 31, 2026, and a reproduction of the company's Form 10-Q reports it still fully subscribed as of June 30, 2026. The Trust's own Form D has never been amended, so confirm current availability with the sponsor or your broker-dealer before naming it on a 45-day identification list.

How much equity did the DST raise?

Bluerock Homes Trust's Form 424B3 investment table lists Skytop Apartments in Cincinnati, Ohio with $41.117 million of raised net offering proceeds and $82.921 million of net real estate investments as of March 31, 2026. Those are company-reported figures for the property, not a Form D amendment; the Trust's own Form D has not been updated since it was filed on October 2, 2025.

What debt sits on the property?

Bluerock Homes Trust's Form 8-K for the September 29, 2025 closing disclosed a Fannie Mae senior loan of approximately $57.5 million to the Trust, secured by the property, bearing fixed interest at 4.98% per annum with interest-only payments and maturing October 1, 2035. The same filing describes approximately $22.0 million borrowed under the company's KeyBank credit facility — at the company's option, SOFR plus 3.60% or the base rate plus 2.50%, maturing one year from funding subject to specified minimum paydowns — plus roughly $13.0 million of gross company equity.

Who are the tenants, and how does the income work?

Residents of an apartment community in Cincinnati, Ohio — hundreds of individual households rather than one corporate tenant. The Form 8-K states the units are rented under lease agreements generally one year in length, accounted for as operating leases, so cash flow tracks occupancy and market rents. The property's leasing website lists RPM Living in its contact and resident-portal section; the filings reviewed through September 1, 2026 do not name a separate third-party operator.

How stabilized is the property?

Bluerock Homes Trust reported that Skytop did not reach 90.0% physical occupancy — the issuer's stated stabilization threshold — until the second quarter of 2025. The acquisition closed on September 29, 2025. No later Skytop-specific occupancy percentage was established in the sources reviewed through September 1, 2026, so current occupancy has to come from the sponsor's offering materials or the Private Placement Memorandum (PPM), the document that governs the deal.

Can this convert into REIT shares later?

The record here shows no 721/UPREIT feature — the exit route in which DST investors exchange their real-property interest for operating-partnership units in a REIT, converting real estate into a security. Any conversion, repurchase or sale rights would have to be spelled out in the PPM. The property sitting inside Bluerock Homes Trust's reported DST Program is a corporate reporting description, not an investor exit right.

Chapter 9

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