The Dunhill (planned rebrand: The Adelphi)
Class A multifamily apartment property in Dallas, TX — sponsor not disclosed
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
BV Design Multifamily DST is a Delaware Statutory Trust — fractional real estate ownership that qualifies for 1031 exchanges — formed to buy and renovate The Dunhill, a 2010-built apartment property at 1900 Hi Line Drive in Dallas' Design District.1 It was sold to accredited investors under Rule 506(c), which allows public advertising. BV Capital reported the offering fully subscribed on August 14, 2023, at $31.14 million.2
Minimum investment
$25k
Offering size
$29.6M
How much has sold
6.0%
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
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
Who is the tenant, and what's the lease?
This is an apartment property, so there is no single corporate tenant: income comes from residents on short-term apartment leases. Neither the Form D nor the sponsor material located names a master lease, an operator, or a property manager.
How did it end?
Still operating
BV Capital / Bridgeview fully subscribed a $31.14M raise in 2022 to acquire The Dunhill (rebranded The Adelphi), a 214-unit Class A apartment at 1900 Hi Line Dr in Dallas's Design District; per the BV Capital website the deal remains a 'fully funded current project' with a stated 1.85x target MOIC, and no full-cycle or sale announcement has been published.
The sponsor describes The Dunhill as a 2010-built, four-story wrap-style Class A apartment property on 4.11 acres with studios and one- and two-bedroom units, planned renovations, and a rebrand to The Adelphi; the fully subscribed raise was $31.14 million.
214 units; 4.11 acres; unit sizes 665–1,671 sq ftSupporting evidence
Counted on the sponsor’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
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
Who's behind it?
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
- Sponsor not disclosedThe filing does not identify a sponsor we can confirm.
- May convert to a REIT
- No
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- BV Design Multifamily DST
- Filings on record
- 2
- 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.
Common questions
What happened to The Dunhill (planned rebrand: The Adelphi)?
The Dunhill (planned rebrand: The Adelphi) is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for The Dunhill (planned rebrand: The Adelphi)?
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.
Can I still invest in this Trust?
No. BV Capital reported on August 14, 2023 that BV Design Multifamily DST was fully subscribed, raising $31.14 million for the acquisition and renovation of the 214-unit property. Once a DST is fully subscribed it is closed to new investors, and interests generally cannot be bought on any public market.
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.[1] 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.[4]
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.[2] 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.
Chapter 9BV Capital Fully Subscribes $31 Million DST OfferingAltsWire reported that BV Capital raised $31.14 million for acquisition and renovation of the 214-unit project in Dallas's Design District, fully subscribing the DST offering. Bridgeview 1031 Exchange Fund Used to Buy Dallas Apartment ProjectConnect CRE reported that BV Design Multifamily DST raised $31.14 million to acquire and renovate the 214-unit Class A project at 1900 Hi Line Drive. Bridgeview Enters DST Market, Fully Subscribes $31M Raise for Class A Project in Dallascitybiz reported Bridgeview's fully subscribed inaugural BV Design Multifamily DST raise for the acquisition and renovation of the 214-unit Class A Dunhill project in the Design District.