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BSR REIT Acquires Three Communities, With A Combined 1,059 Apartment Units, In Core Texas Markets For $273.6 Million
BSR REIT Acquires Three Communities, With A Combined 1,059 Apartment Units, In Core Texas...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n BSR REIT Acquires Three Communities, With A Combined 1,059 Apartment Units, In Core Texas Markets For $273.6 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 LITTLE ROCK, Ark. and TORONTO,\n \n Dec. 15, 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 Benbrook Apartments (\"Aura\") and Overlook by the Park Apartments (\"Overlook\"), both in the\n \n Dallas/Fort Worth\n \n (\"DFW\") metropolitan statistical area (\"MSA\"), as well as The M at Lakeline  Apartments (\"Lakeline\") in the\n \n Austin, Texas\n \n MSA for a combined contractual purchase price of\n \n $273.6 million\n \n . The addition of the properties is expected to be immediately accretive to the REIT's adjusted funds from operations (\"AFFO\") contributing\n \n $0.11\n \n per unit, on an annual basis. Considering the impact of both acquisitions and dispositions in the fourth quarter of 2021, resulting in a net increase in assets of\n \n $126.0 million\n \n , AFFO will incrementally increase by\n \n $0.05\n \n per unit on an annual basis and places the REIT\n \n $56.0 million\n \n ahead of its previously announced plan of acquiring an additional\n \n $70.0 million\n \n in assets before year end. The transaction was funded using the REIT's credit facility and cash on hand.\n \n \n Aura is a garden-style community in the\n \n Benbrook\n \n submarket of the DFW MSA consisting of 301 apartment units constructed in 2020. The property includes multiple amenities such as a resort-style swimming pool, corridor attached garages, a modern fitness center, a dog park and a grilling station.\n \n \n Overlook is a midrise suburban community consisting of 384 apartment units situated in the\n \n Frisco\n \n submarket of the DFW MSA, constructed in 2014. The property includes features such as an infinity edge saltwater pool, a modern fitness center, jetted tubs, a dog park and pet care center and reserved covered parking for all apartment u...