The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM D

Notice of Exempt Offering of Securities
OMB APPROVAL
OMB Number: 3235-0076
Estimated average burden
hours per response: 4.00

1. Issuer's Identity

CIK (Filer ID Number) Previous Names
X None
Entity Type
0001446280
   Corporation
   Limited Partnership
   Limited Liability Company
   General Partnership
   Business Trust
X Other (Specify)

Delaware Statutory Trust
Name of Issuer
BR VALLEY TOWNHOMES DST
Jurisdiction of Incorporation/Organization
DELAWARE
Year of Incorporation/Organization
   Over Five Years Ago
X Within Last Five Years (Specify Year) 2008
   Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
BR VALLEY TOWNHOMES DST
Street Address 1 Street Address 2
399 Park Avenue 32nd FLOOR
City State/Province/Country ZIP/PostalCode Phone Number of Issuer
NEW YORK NEW YORK 10022 212-843-1601

3. Related Persons

Last Name First Name Middle Name
BR Valley LeaseCo, LLC x
Street Address 1 Street Address 2
399 Park Avenue 32nd Floor
City State/Province/Country ZIP/PostalCode
New York NEW YORK 10022
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Master Tenant (Manager)
Last Name First Name Middle Name
Bluerock Real Estate, LLC x
Street Address 1 Street Address 2
399 Park Avenue 32nd Floor
City State/Province/Country ZIP/PostalCode
New York NEW YORK 10022
Relationship:    Executive Officer    Director X Promoter

Clarification of Response (if Necessary):

Last Name First Name Middle Name
Kamfar R Ramin
Street Address 1 Street Address 2
399 Park Avenue 32nd Floor
City State/Province/Country ZIP/PostalCode
New York NEW YORK 10022
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Last Name First Name Middle Name
Babb III James G
Street Address 1 Street Address 2
399 Park Avenue 32nd Floor
City State/Province/Country ZIP/PostalCode
New York NEW YORK 10022
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Last Name First Name Middle Name
Ruddy Jordan B
Street Address 1 Street Address 2
399 Park Avenue 32nd Floor
City State/Province/Country ZIP/PostalCode
New York NEW YORK 10022
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Last Name First Name Middle Name
Novacek Jerold E
Street Address 1 Street Address 2
399 Park Avenue 32nd Floor
City State/Province/Country ZIP/PostalCode
New York NEW YORK 10022
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Last Name First Name Middle Name
Anderson Patricia S
Street Address 1 Street Address 2
399 Park Avenue 32nd Floor
City State/Province/Country ZIP/PostalCode
New York NEW YORK 10022
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Last Name First Name Middle Name
Konig Michael L
Street Address 1 Street Address 2
399 Park Avenue 32nd Floor
City State/Province/Country ZIP/PostalCode
New York NEW YORK 10022
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

4. Industry Group

   Agriculture
Banking & Financial Services
   Commercial Banking
   Insurance
   Investing
   Investment Banking
   Pooled Investment Fund
Is the issuer registered as
an investment company under
the Investment Company
Act of 1940?
   Yes    No
   Other Banking & Financial Services
   Business Services
Energy
   Coal Mining
   Electric Utilities
   Energy Conservation
   Environmental Services
   Oil & Gas
   Other Energy
Health Care
   Biotechnology
   Health Insurance
   Hospitals & Physicians
   Pharmaceuticals
   Other Health Care
   Manufacturing
Real Estate
   Commercial
   Construction
   REITS & Finance
X Residential
   Other Real Estate
  
 Retailing
  
 Restaurants
Technology
   Computers
   Telecommunications
   Other Technology
Travel
   Airlines & Airports
   Lodging & Conventions
   Tourism & Travel Services
   Other Travel
  
 Other

5. Issuer Size

Revenue Range OR Aggregate Net Asset Value Range
   No Revenues    No Aggregate Net Asset Value
   $1 - $1,000,000    $1 - $5,000,000
   $1,000,001 - $5,000,000    $5,000,001 - $25,000,000
   $5,000,001 - $25,000,000    $25,000,001 - $50,000,000
   $25,000,001 - $100,000,000    $50,000,001 - $100,000,000
   Over $100,000,000    Over $100,000,000
X Decline to Disclose    Decline to Disclose
   Not Applicable    Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

   Rule 504(b)(1) (not (i), (ii) or (iii))    Rule 505
   Rule 504 (b)(1)(i) X Rule 506
   Rule 504 (b)(1)(ii)    Securities Act Section 4(5)
   Rule 504 (b)(1)(iii) X Investment Company Act Section 3(c)
X Section 3(c)(1)    Section 3(c)(9)  
   Section 3(c)(2)    Section 3(c)(10)
   Section 3(c)(3)    Section 3(c)(11)
   Section 3(c)(4)    Section 3(c)(12)
   Section 3(c)(5)    Section 3(c)(13)
   Section 3(c)(6)    Section 3(c)(14)
   Section 3(c)(7)

7. Type of Filing

   New Notice Date of First Sale 2008-07-31    First Sale Yet to Occur
X Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year?
X Yes    No

9. Type(s) of Securities Offered (select all that apply)

   Equity X Pooled Investment Fund Interests
   Debt    Tenant-in-Common Securities
   Option, Warrant or Other Right to Acquire Another Security    Mineral Property Securities
   Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security    Other (describe)

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer?
   Yes X No

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor $1,000 USD

12. Sales Compensation

Recipient
Recipient CRD Number    None
Katherine Kirkpatrick 4530467
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
American Independent Securities 135288
Street Address 1 Street Address 2
1036 E. Iron Eagle Suite 130
City State/Province/Country ZIP/Postal Code
Eagle IDAHO 83616
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
IDAHO
Recipient
Recipient CRD Number    None
Brian Levy 4929320
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Regent Capital Group, Inc. 126881
Street Address 1 Street Address 2
815 Moraga Drive
City State/Province/Country ZIP/Postal Code
Los Angeles CALIFORNIA 90049
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
James Mendell 4667733
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Omni Brokerage 16878
Street Address 1 Street Address 2
99 Pinehurst
City State/Province/Country ZIP/Postal Code
Canyon CALIFORNIA 94516
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Mike Bendix 5379777
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Omni Brokerage 16878
Street Address 1 Street Address 2
903 Springwood Lane
City State/Province/Country ZIP/Postal Code
Encinitas CALIFORNIA 92024
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
COLORADO
Recipient
Recipient CRD Number    None
Brian Scott Gross 5351706
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Cap West Securities 30002
Street Address 1 Street Address 2
420 Quincy St
City State/Province/Country ZIP/Postal Code
Rapid City SOUTH DAKOTA 57701
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
SOUTH DAKOTA
Recipient
Recipient CRD Number    None
Rex Bland 2442941
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
CapWest Securities 30002
Street Address 1 Street Address 2
1625 W Garriot Rd Suite G
City State/Province/Country ZIP/Postal Code
Enid OKLAHOMA 73703
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
OKLAHOMA
Recipient
Recipient CRD Number    None
Robert Tweed 2339324
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
CapWest Securities 30002
Street Address 1 Street Address 2
2060 Huntington Dr Suite 1
City State/Province/Country ZIP/Postal Code
San Marino CALIFORNIA 91108
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Cheryl Kitashima 729389
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Centaurus Financial 30833
Street Address 1 Street Address 2
4042 SW Henderson
City State/Province/Country ZIP/Postal Code
Seattle WASHINGTON 98136
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
WASHINGTON
Recipient
Recipient CRD Number    None
Stan Kitashima 2704782
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Centaurus Financial 30833
Street Address 1 Street Address 2
4042 SW Henderson
City State/Province/Country ZIP/Postal Code
Seattle WASHINGTON 98136
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
WASHINGTON
Recipient
Recipient CRD Number    None
John Anderson 2602329
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Geneos Wealth Management 120894
Street Address 1 Street Address 2
959 11th Ave Suite B
City State/Province/Country ZIP/Postal Code
Longview WASHINGTON 98632
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
WASHINGTON
Recipient
Recipient CRD Number    None
Joseph Sterling 1101378
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Geneos Wealth Management 120894
Street Address 1 Street Address 2
7570 W 147th St. Suite 100
City State/Province/Country ZIP/Postal Code
Apple Valley MINNESOTA 55124
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
MINNESOTA
Recipient
Recipient CRD Number    None
Michael McGregor 2263066
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Harrison Douglas 16515
Street Address 1 Street Address 2
399 Perry St Suite 201
City State/Province/Country ZIP/Postal Code
Aurora COLORADO 80104
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
COLORADO
Recipient
Recipient CRD Number    None
David Elhoff 855864
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Independent Financial Group 7717
Street Address 1 Street Address 2
1001 B Ave Suite 200
City State/Province/Country ZIP/Postal Code
Coronado CALIFORNIA 92118
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
IOWA
Recipient
Recipient CRD Number    None
Dwight Kay 5376903
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Independent Financial Group 7717
Street Address 1 Street Address 2
12636 High Bluff Dr Suite 100
City State/Province/Country ZIP/Postal Code
San Diego CALIFORNIA 92130
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Jinn Chao 4384099
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Independent Financial Group 7717
Street Address 1 Street Address 2
4020 Moorpark Ave Suite 109
City State/Province/Country ZIP/Postal Code
San Jose CALIFORNIA 95117
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Kenneth Miles 812979
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Independent Financial Group 7717
Street Address 1 Street Address 2
242 E Airport Dr Suite 210
City State/Province/Country ZIP/Postal Code
San Bernadino CALIFORNIA 92408
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Rena Morris 4867589
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Independent Financial Group 7717
Street Address 1 Street Address 2
3452 E Foothill Blvd Suite 230
City State/Province/Country ZIP/Postal Code
Pasadena CALIFORNIA 91107
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Roger Zajicek 862710
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Investors Capital 30613
Street Address 1 Street Address 2
5944 S 72nd
City State/Province/Country ZIP/Postal Code
Lincoln NEBRASKA 68516
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEBRASKA
Recipient
Recipient CRD Number    None
Tom Progin 4850792
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
K-One Investment Co. 16156
Street Address 1 Street Address 2
160 Sansome St 12th Floor
City State/Province/Country ZIP/Postal Code
San Francisco CALIFORNIA 94104
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
OREGON
Recipient
Recipient CRD Number    None
Gary Flater 1049132
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
MCL Financial 41180
Street Address 1 Street Address 2
1551 N Tustin Ave Suite 960
City State/Province/Country ZIP/Postal Code
Santa Ana CALIFORNIA 92705
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Gordon Yee 2339698
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
National Securities 7569
Street Address 1 Street Address 2
3156 Elue St
City State/Province/Country ZIP/Postal Code
Lihue HAWAII 96766
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
HAWAII
Recipient
Recipient CRD Number    None
David Waal 1226437
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Omni Brokerage 16878
Street Address 1 Street Address 2
2950 Buskirk Ave Suite 300
City State/Province/Country ZIP/Postal Code
Walnut Creek CALIFORNIA 94597
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
ILLINOIS
Recipient
Recipient CRD Number    None
J R Broadbent 3132498
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Omni Brokerage 16878
Street Address 1 Street Address 2
2040 Murray-Holladay Rd Suite 201
City State/Province/Country ZIP/Postal Code
Salt Lake City UTAH 84106
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
John Harvey 4227692
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Omni Brokerage 16878
Street Address 1 Street Address 2
1 City Blvd W Suite 870
City State/Province/Country ZIP/Postal Code
Orange CALIFORNIA 92821
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Padma Chintapalli 3041617
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Omni Brokerage 16878
Street Address 1 Street Address 2
5775 Wayzata Blvd Suite 960
City State/Province/Country ZIP/Postal Code
Minneapolis MINNESOTA 55416
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
MINNESOTA
Recipient
Recipient CRD Number    None
Robert Vonderharr 1556834
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Omni Brokerage 16878
Street Address 1 Street Address 2
1245 E Brickyard Rd Suite 160
City State/Province/Country ZIP/Postal Code
Salt Lake City UTAH 84106
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
UTAH
Recipient
Recipient CRD Number    None
Rich Wagner 3132498
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Omni Brokerage 16878
Street Address 1 Street Address 2
1245 E Brickyard Rd Suite 160
City State/Province/Country ZIP/Postal Code
Salt Lake City UTAH 84106
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
UTAH
Recipient
Recipient CRD Number    None
Rocco Cortese 4681807
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Omni Brokerage 16878
Street Address 1 Street Address 2
1245 E Brickyard Rd Suite 160
City State/Province/Country ZIP/Postal Code
Salt Lake City UTAH 84106
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Eric Schindler 1439999
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Pacific West Securities 6390
Street Address 1 Street Address 2
7777 Alvarado Rd Suite 621
City State/Province/Country ZIP/Postal Code
La Mesa CALIFORNIA 91941
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Jeffrey Scott 2277984
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Pacific West Securities 6390
Street Address 1 Street Address 2
615 S 400 E
City State/Province/Country ZIP/Postal Code
Brigham City UTAH 84302
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
UTAH
Recipient
Recipient CRD Number    None
Michael Steinthal 435071
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Primex 29394
Street Address 1 Street Address 2
33 Front St Suite 304
City State/Province/Country ZIP/Postal Code
Hempstead NEW YORK 11550
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEW YORK
Recipient
Recipient CRD Number    None
Barrett Brown 2416735
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Regent Capital Group 126881
Street Address 1 Street Address 2
4035 E Thousand Oaks Blvd Suite 240
City State/Province/Country ZIP/Postal Code
West Lake Village CALIFORNIA 91362
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEW JERSEY
Recipient
Recipient CRD Number    None
Brian Levy 4929320
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Regent Capital Group 126881
Street Address 1 Street Address 2
815 Moraga Dr
City State/Province/Country ZIP/Postal Code
Los Angeles CALIFORNIA 90049
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Jessie Torres 5554349
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
T R Winston 10571
Street Address 1 Street Address 2
376 Main St
City State/Province/Country ZIP/Postal Code
Bedminster NEW JERSEY 07921
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
GEORGIA
Recipient
Recipient CRD Number    None
Adam Stern 5473903
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Welton St Investments 132111
Street Address 1 Street Address 2
9780 Mount Pyramid Court Suite 400
City State/Province/Country ZIP/Postal Code
Englewood COLORADO 80112
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEW YORK
Recipient
Recipient CRD Number    None
Bill Keyserling 5334124
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Welton St Investments 132111
Street Address 1 Street Address 2
9780 Mount Pyramid Court Suite 400
City State/Province/Country ZIP/Postal Code
Englewood COLORADO 80112
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
SOUTH CAROLINA
Recipient
Recipient CRD Number    None
Brett O'Keefe 5087640
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Welton St Investments 132111
Street Address 1 Street Address 2
9780 Mount Pyramid Court Suite 400
City State/Province/Country ZIP/Postal Code
Englewood COLORADO 80112
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Cilff Gustin 5108462
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Welton St Investments 132111
Street Address 1 Street Address 2
9780 Mount Pyramid Court Suite 400
City State/Province/Country ZIP/Postal Code
Englewood COLORADO 80112
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
WASHINGTON
Recipient
Recipient CRD Number    None
Greg Cohn 5071328
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Welton St Investments 132111
Street Address 1 Street Address 2
9780 Mount Pyramid Court Suite 400
City State/Province/Country ZIP/Postal Code
Englewood COLORADO 80112
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA

13. Offering and Sales Amounts

Total Offering Amount $19,567,189 USD
or    Indefinite
Total Amount Sold $17,909,634 USD
Total Remaining to be Sold $1,657,555 USD
or    Indefinite

Clarification of Response (if Necessary):

14. Investors

  
 Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.
Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:
54

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions $1,253,674 USD
X Estimate
Finders' Fees $0 USD
   Estimate

Clarification of Response (if Necessary):

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

$447,740 USD
   Estimate

Clarification of Response (if Necessary):

Organization and operating expenses

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:
  • Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*
  • Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against the issuer in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of:  (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.
  • Certifying that, if the issuer is claiming a Rule 505 exemption, the issuer is not disqualified from relying on Rule 505 for one of the reasons stated in Rule 505(b)(2)(iii).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer Signature Name of Signer Title Date
BR VALLEY TOWNHOMES DST James Gregath James Gregath CCO - Select Capital Corp 2010-07-14

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.