Bluerock Value Exchange has sold the Landings at Four Corners, a 270-unit apartment community located in Davenport, Fla.
Bluerock acquired the investment property for approximately $39 million in February 2016 and successfully sold the property for approximately $51.3 million in July 2019, resulting in a 166 percent total return on equity investment, or a 19.2 percent average annual return; all achieved in approximately three and a half years.
The Landings at Four Corners is a class A, garden-style apartment community consisting of 270 units. The property, built in 2009, is uniquely situated near Disney World Resort in Orlando.
The property was acquired by BR Four Corners Orlando, 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 $23.8 million on a $16.6 million investment; or a 143 percent return.
This sale marks the third successful full-cycle DST property disposition by BVEX in 2019. In the aggregate, BVEX sold three properties for aggregate net proceeds of $124 million as compared to total investor purchase price of $87.5 million, resulting in net gain on sale to investors of approximately $48 million, after deducting sale expenses and full repayment of debt of approximately $36.5 million, and inclusive of monthly distributions.
