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$67M Multifam Sale in Jacksonville Equals 165% Return for Seller Bluerock
Bluerock Value Exchange has sold Beach House, a 228-unit garden-style apartment community located in Jacksonville Beach, FL, for $67.3 million
Bluerock initially offered the investment property for approximately $51.8 million in April 2016. The final sale price represents a 165% net total return on equity investment, inclusive of distributions, and an approximate 12% average annual return achieved over an approximate 5.5 year holding period.
The property was acquired by BR Beach House, DST, a Delaware Statuary Trust (DST) structured for 1031 like-kind exchanges for accredited investors.
The full-cycle event included an equity return of approximately $29.9 million on a $21.6 million initial investment, or an approximate 139% net gain on sale. In addition to the capital appreciation, the property paid consistent monthly distributions averaging 4.8% per year totaling nearly $5.7 million and enhancing the net total return to 165%.
- ◦Sale/Acquisition
- ◦Financing
