Analysis of Investments

BR Riverside

Bluerock

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

Investment Highlights

  • Yr. 1 Cash-on-Cash 5.75%
  • Initial Occupancy 81.60%
  • Est. Time Horizon None YEARS
  • Current Cash Flow
  • Yr. 1 Cap Rate to Investor 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-Offering 58.75%
  • Hold Period DSCR 2.16

Tenant Information & Lease Terms

N/A

Key Positives

  • Reviews for the property were positive.

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

Key Risks to Consider

  • Low population growth numbers. 

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

Investment Sponsor Information

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."