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BSR REIT Acquires Two Communities in Core Texas Markets for $129 Million
BSR REIT Acquires Two Communities in Core Texas Markets for $129 Million LITT...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n BSR REIT Acquires Two Communities in Core Texas Markets for $129 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 LITTLE ROCK, AR\n \n and\n \n TORONTO\n \n ,\n \n Dec. 15, 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 Vale Luxury Apartments (\"Vale\") in the\n \n Houston, Texas\n \n metropolitan statistical area (\"MSA\") and Satori Frisco Apartments (\"Satori Frisco\") in the\n \n Dallas, Texas\n \n MSA for a total of\n \n $129 million\n \n .\n \n \n Vale is a newly constructed garden-style community consisting of 350 apartment units and is currently in the lease-up phase. The community includes multiple amenities including a resort-style swimming pool, drive-through mail kiosk, fitness center, dog park, car care center and direct garage/ground floor entry for every apartment unit. Vale is already 55.1% leased and is expected to be accretive to the REIT's adjusted funds from operations (\"AFFO\") on a per unit basis as lease-up continues.\n \n \n Satori\n \n Frisco\n \n is a garden-style community consisting of 330 apartment units constructed in late 2019. Its features include attached direct access garages, a resort-style swimming pool, two story fitness center, car care center, dog park, granite countertops and a private access gate. Satori\n \n Frisco\n \n is currently 91.5% leased and is expected to be immediately accretive to AFFO per unit.\n \n \n \"The purchase of Vale and Satori Frisco is a clear example of our portfolio enhancement growth strategy and capital recycling program at work,\" stated\n \n John Bailey\n \n , BSR's Chief Executive Officer. \"BSR recently exited the smaller\n \n Beaumont\n \n and\n \n Longview, Texas\n \n markets and also sold noncore properties in other markets. We are now using our strong liquidity position to invest in Vale and Satori Frisco, modern communities in core growth markets with the amenities our residents desire. Our ability to execute on BSR's plan to increase shareholder value has been on fu...