Business
BSR REIT Acquires Hangar 19 Apartments in Dallas/Fort Worth, Texas Market for $82.75 Million
BSR REIT Acquires Hangar 19 Apartments in Dallas/Fort Worth, Texas Market for $82.75 Mill...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n BSR REIT Acquires Hangar 19 Apartments in Dallas/Fort Worth, Texas Market for $82.75 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, AR\n \n and\n \n TORONTO\n \n ,\n \n July 29, 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 Hangar 19 Apartments (\"Hangar 19\" or the \"Property\"), a  garden style residential community with 351 apartment units in the\n \n Dallas/Fort Worth, Texas\n \n market for\n \n $82.75 million\n \n . The transaction was funded from the REIT's credit facility. The addition of Hangar 19 is expected to contribute approximately\n \n $0.04\n \n per unit to BSR's adjusted funds from operations (\"AFFO\") in the first full year of the REIT's ownership.\n \n \n Hangar 19 was constructed in 2020 in the high-growth\n \n Dallas/Fort Worth\n \n metropolitan statistical area (\"MSA\"), the fourth largest in the U.S. The Property has numerous amenities including a modern fitness center, saltwater swimming pool with sun deck, corridor access garages, 24/7 package locker system, pet wash and dog walk, modern kitchens, soaking tubs, bike storage and private office workspaces.\n \n \n \"BSR now owns 3,014 apartment units in the Dallas/Fort Worth MSA, one of our core growth markets and one of the strongest generational multifamily markets in the US,\" stated\n \n John Bailey\n \n , BSR's Chief Executive Officer. \"With this scale of operations, our internalized management platform is well positioned to optimize Hangar 19, delivering peak performance that benefits our residents and unitholders.\"\n \n \n Since BSR completed its IPO on\n \n May 18, 2018\n \n , the portfolio's weighted average age has decreased from 29 years to 13 years old, directly attributable to the capital recycling program. The REIT has deployed\n \n $964.1 million\n \n into 18 acquisitions following the IPO adding 5,551 apartment units with a weighted average year built of 2014 (seven years old) compared to 37 dispos...