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BSR Acquires Retreat at Wolf Ranch Apartments in Austin Market for $51.6 Million
BSR Acquires Retreat at Wolf Ranch Apartments in Austin Market for $51.6 Million C...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nBSR Acquires Retreat at Wolf Ranch Apartments in Austin Market for $51.6 Million\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\nCanada NewsWire\nLITTLE ROCK, AR and TORONTO, June 10, 2020\n\n\n\nLITTLE ROCK, AR and TORONTO, June 10, 2020 /CNW/ - BSR Real Estate Investment Trust (\"BSR\" or the \"REIT\") (TSX:HOM.U and HOM.UN) announced today that it has acquired Retreat at Wolf Ranch Apartments (\"Wolf Ranch\" or the \"Property\"), a 303 suite, garden style residential community in Georgetown, Texas and the Austin Metropolitan Statistical Area (MSA) for $51.6 million. The transaction was funded  with $26.5 million in mortgage debt, with the REIT's credit facility used for the balance. 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.\nWolf Ranch was constructed in 2017 in the high-growth Austin MSA and sits in Williamson County, which was the second fastest growing county in the US from 2010-2018. The Property has numerous amenities including a clubhouse, fitness center, resort-style swimming pool with sun deck, garages, 24/7 package locker system, and two dog parks. BSR now owns 1,492 apartment units in the Austin MSA. \n\"Despite instability in the broader US economy attributable to the COVID-19 pandemic, we continue to execute our growth plan,\" stated John Bailey, BSR's Chief Executive Officer. \"Wolf Ranch is a modern community complete with the amenities our residents seek. The addition of this property to our portfolio is consistent with our strategy of building large clusters of properties in target markets that lead the country in population and employment growth.\"\nThe purchase of Wolf Ranch marks ten property acquisitions for BSR since completing its initial public offering (the \"IPO\") on the Toronto Stock Exchange in May 2018. Other post IPO acquisitions included in the Austin MSA are Ariza at Plum Creek, Cielo, and Madrone Apartments. In the Dallas-Fort Worth MSA acquisitions include Wimberly, Auberry at Twin Creeks, and Riverhill Apartment...