BR Riverside

Bluerock

Investment Highlights

Overview

BR Riverside consists of a newly built Class-A multifamily apartment complex in Jacksonville, Florida.

Year 1 Cash Flow 5.75%
Initial Occupancy 81.60%
Est. Time Horizon None

Yr 1. Cap Rate to Investors 5.04%
Investor Purchase Price $64,134,298
Total Offering Size $26,454,298

Loan Information

This offering is using debt from Fannie Mae and has a 10-year term, with the first 5-years interest only, and fixed 3.83% interest rate.

Yr. 1 DSCR 2.17
Loan-to-Value 58.75%

Hold Period DSCR 2.16

Key Benefits

Reviews for the property were positive.

Newer construction. This should mean less repairs and updates required beyond regular maintenance.

Key Risks

Low population growth numbers.

Trailing-3 numbers show significant variances. EGR is growing over the T3 by 41% and NOI is growing by 102%.

About Bluerock

According to the sponsor's website: "Bluerock is a national real estate investment firm headquartered in Manhattan with regional offices in Southfield, Michigan, Boise, Idaho and Newport Beach, California. Bluerock is a leading private equity real estate asset manager with a focus on Core-Plus, Value-Add, Opportunistic and Development investment strategies, and has transacted over 9 million square feet of residential and commercial real estate acquisitions since its inception in 2002. Bluerock's key principals have an average of 25 years investing experience, have been involved with acquiring over 30 million square feet of real estate with approximately $10 billion in value, and have helped launch leading real estate private and public company platforms."