Bluerock Value Exchange (BVEX) has launched BR Churchill Downs, DST, its newest DST 1031 exchange offering, targeting approximately $37.8 million in equity from accredited investors. The new program marks BVEX’s 42nd individual DST offering. 

The DST features a low-density, direct-entry townhome and garden-style apartment community in the Pinehurst, NC metro area. BVEX believes the asset’s design and regional positioning offer compelling upside, supported by multiple structural drivers: limited new multifamily construction, affordability challenges in homeownership, and sustained growth in household formation. 

“We believe this is a very timely and favorable entry point for investing in apartments. The sector is poised to greatly benefit with forecasted increasing rents driven by a significant decline in new construction, which is leading to undersupply of housing options, the high cost of home ownership compared to renting, and continued high household formation,” said Josh Hoffman, President of BVEX. 

The new launch follows a string of successful fundraises for BVEX. Last week, BVEX completed fundraising for BR Diversified Industrial Portfolio IV, DST (DIP IV), securing $31.6 million. In March, BVEX announced a targeted capital raise of about $36.7 million for its BR Diversified Industrial Portfolio V, DST, and previously fully subscribed its BR Diversified Industrial Portfolio III, DST (DIP III) program in December 2024, announced in February, with $41.2 million in equity from third-party investors. 

Based in Manhattan, BVEX—a division of alternative investment manager Bluerock—has structured over $2.8 billion in 1031 exchange transactions across more than 14 million square feet of diversified commercial and multifamily real estate.