$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%.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.