The Dunhill (planned rebrand: The Adelphi)
Class A multifamily apartment property in Dallas, TX · sponsored by Bridgeview Student Housing
The Dunhill (planned rebrand: The Adelphi) was a DST sponsored by Bridgeview Student Housing that owned a class A multifamily apartment property in Dallas, TX (214 units). Its last Form D was filed Jun 14, 2022.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Jun 14, 2022.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $29,583,000Equity offered, per the Form D
- Sold
- 5.7%Form D, Jun 14, 2022; the % is our arithmetic
- Investors reported
- Form D, Jun 14, 20225
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,774,980 · 6.0% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.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 →
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Ask a 1031 specialist about this recordFree. About: The Dunhill (planned rebrand: The Adelphi). Top1031 is not a broker-dealer.What did the Trust own?
The Dunhill stands at 1900 Hi Line Drive in Dallas' Design District, and sponsor material describes it as completed in 2010: a four-story wrap-around building with a parking garage. 2 REBusinessOnline reported on August 16, 2023 that Bridgeview had acquired the property through a Delaware Statutory Trust, with a value-add renovation program planned and a rebrand to The Adelphi. 3 The property's own site says apartment renovations are underway. 4
- Reported location
- Dallas, TX
- Property size
- 214 units; 4.11 acres; unit sizes 665–1,671 sq ft
How was it financed, and what did it cost to sell?
The Form D says nothing about how the purchase was financed. BV Capital's page for the asset indicates the deal carries mortgage debt rather than being all-cash, which means a lender is repaid ahead of the trust's equity. 1
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $1,774,980 · 6.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 2 named in the Form D
Show the firms
- BV Securities, LLC · CRD 103800
- Realized Financial, Inc. · CRD 22333
Individual representatives named in Item 12 are not listed.
- Date of first sale
- May 19, 2022
- Minimum investment
- $25,000
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.
Who's behind the Trust?
Press coverage and BV Capital's own materials attribute this Trust to Dallas-based BV Capital and its Bridgeview affiliate, and describe it as Bridgeview's first entry into the DST market. 2 BV Capital's current-project listing carries the same Trust under the name The Adelphi. 5 The SEC filing itself is silent on who organized the Trust, so that attribution rests on sponsor and press reporting rather than the public record.
- Sponsor
- Offerings on record
- 0 active / 3 total
What does the SEC record show?
The record here holds two documents: an original Form D and an amendment filed weeks later that updated the amount sold and the number of investors. Nothing later appears in this record, so the sponsor's 2023 report of a completed raise has no matching SEC amendment on file here.
- Legal Trust name
- BV Design Multifamily DST
- SEC CIK
- 1929594
- First Form D
- May 19, 2022
- Latest Form D
- Jun 14, 2022
- Filings on record
- 2
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $29,583,000 | $1,703,462+$803,462 | 5+4 | EDGAR | |
| Form D | $29,583,000 | $900,000 | 1 | 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 The Dunhill (planned rebrand: The Adelphi)?
- The Dunhill (planned rebrand: The Adelphi) is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Jun 14, 2022.
- Why does the SEC filing show a much smaller raise than the $31.14 million reported?
- A Form D is a snapshot as of the day it is filed, not a running tally. The last amendment in this record dates from June 2022 and reflects an early stage of the raise. The $31.14 million figure comes from BV Capital's own August 2023 announcement and from press coverage of it, not from an SEC filing located here.
- What property does this Trust own, and what is it called now?
- The Dunhill, a 214-unit Class A apartment property at 1900 Hi Line Drive in Dallas' Design District, on 4.11 acres with studios and one- and two-bedroom units. It was slated to be rebranded The Adelphi as part of a value-add renovation plan, and the property's website says apartment renovations are underway.
- Who is the sponsor?
- The Form D does not identify one. BV Capital and press outlets including citybiz and Institutional Real Estate, Inc. attribute the Trust to Dallas-based BV Capital and its Bridgeview affiliate, calling it Bridgeview's inaugural DST offering. That attribution is sponsor-reported rather than drawn from the SEC record.
- Was this offered under Rule 506(b) or 506(c)?
- Rule 506(c), the exemption that lets an issuer advertise a private placement publicly but requires it to verify that every buyer is an accredited investor — someone meeting SEC income or net-worth thresholds — rather than relying on the buyer's own representation.
- Is there a 721/UPREIT exit path?
- Nothing in this record indicates one. A 721 or UPREIT exit is where trust investors contribute their property interest to a REIT's operating partnership for OP units instead of receiving cash. The data on file for this Trust shows no such conversion feature.
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.