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BSR REIT Acquires Aura 36Hundred Apartments in Austin Market for $93.8 Million
BSR REIT Acquires Aura 36Hundred Apartments in Austin Market for $93.8 Million ...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n BSR REIT Acquires Aura 36Hundred Apartments in Austin Market for $93.8 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 \n \n \n LITTLE ROCK, Ark.\n \n and\n \n TORONTO\n \n ,\n \n Sept. 22, 2021\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 36Hundred Apartments (\"Aura 36Hundred\" or the \"Property\"), a new garden-style residential community with 356 apartment units in the\n \n Round Rock\n \n sub-market of\n \n Austin, Texas\n \n for\n \n $93.8 million\n \n . This Property is expected to be accretive to the REIT's Adjusted Funds From Operations (\"AFFO\") per unit in the first 90 days of ownership.\n \n \n The transaction was funded through\n \n $51.0 million\n \n in mortgage debt, a draw-down of\n \n $41.0 million\n \n from the REIT's credit facility and\n \n $2.0 million\n \n of cash on hand.\n \n \n Aura 36Hundred is part of Avery Centre, a new 1,200-acre mixed use planned community adjacent to higher education and medical care hubs including\n \n Texas State\n \n and Texas A&M Health and Science Center Round Rock. The Property is newly constructed and fully opened in\n \n September 2021\n \n with more than 90% of apartment units leased. Aura 36Hundred has numerous amenities including a cutting-edge fitness center, resort-style pool with sun deck, direct access garages, a 24/7 package locker system, walk-in closets, a pet wash station, and a dog walk. Following this acquisition, the REIT owns 1,848 apartment units in the\n \n Austin\n \n /Round Rock MSA, representing 22% of its total portfolio.\n \n \n \"Aura 36Hundred complements BSR's more modernized portfolio as we deploy capital and enhance our scale in\n \n Austin\n \n , one of the most robust apartment markets in the U.S.,\" stated\n \n John Bailey\n \n , BSR's Chief Executive Officer. \"As we continue to leverage our established management platform and benefit from the strong sunbelt market fundamentals, we expect further outsized increases to our key ...