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BSR Acquires Aura Castle Hills in Dallas Market for $51.8 Million
BSR Acquires Aura Castle Hills in Dallas Market for $51.8 Million Canada NewsWi...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"BSR-AuraCastleHills\n \n \n \n BSR Acquires Aura Castle Hills in Dallas Market for $51.8 Million\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n LITTLE ROCK, Ark. and TORONTO, Sept. 24, 2020\n \n \n \n \n \n \n \n \n \n LITTLE ROCK, Ark.\n \n and\n \n TORONTO\n \n ,\n \n Sept. 24, 2020\n \n /CNW/ - BSR Real Estate Investment Trust (\"BSR\" or the \"REIT\") (TSX: HOM.U) (TSX: HOM.UN) announced today that it has acquired Aura Castle Hills Apartments (\"Aura Castle Hills\" or the \"Property\"), a 276 suite, garden style residential community in\n \n Lewisville, Texas\n \n and the Dallas/Fort Worth Metropolitan Statistical Area (MSA) for\n \n $51.8 million\n \n (\n \n $187,681\n \n /suite). The transaction was funded through the REIT's credit facilities. The addition of the Property is expected to be immediately accretive to the REIT's adjusted funds from operations (\"AFFO\") on a per unit basis.\n \n \n \n Aura Castle Hills\n \n was constructed in 2019 in the high-growth Dallas/Fort Worth MSA. The Property has numerous amenities including a clubhouse, modern fitness center, resort-style swimming pool with sun deck, garages, 24/7 package locker system, grilling areas, fire pit and pet park. BSR now owns 1,984 apartment units in the Dallas/Fort Worth MSA, representing approximately 24% of the REIT's Net Operating Income (\"NOI\").\n \n \n \"\n \n Aura Castle Hills\n \n is a modern community in one of BSR's high growth targeted markets,\" stated\n \n John Bailey\n \n , BSR's Chief Executive Officer. \"This purchase is another example of BSR's superior execution on our capital recycling strategy.\n \n Aura Castle Hills\n \n has all of the amenities our residents treasure and value.\"\n \n \n BSR currently owns 40 multifamily garden style properties consisting of 9,681 units with a weighted average age of 20 years. The REIT's 12 acquisitions following the IPO have added 3,511 apartment units with a weighted average year built of 2011 compared to 20 dispositions to-date totaling 3,666 apartment units with a weighted average year built of ...