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BSR REIT Announces Purchase of the Venue Craig Ranch Apartments in Suburban Dallas and Redemption of Convertible Debentures
BSR REIT Announces Purchase of the Venue Craig Ranch Apartments in Suburban Dallas and Redemption...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n BSR REIT Announces Purchase of the Venue Craig Ranch Apartments in Suburban Dallas and Redemption of Convertible Debentures\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\n LITTLE ROCK, Ark.\n \n and\n \n TORONTO\n \n\n ,\n \n\n Jan. 9, 2025\n \n\n /CNW/ - BSR Real Estate Investment Trust (\"BSR\" or the \"REIT\") (TSX: HOM.U) (TSX: HOM.UN) announced today that it has acquired The Venue Craig Ranch Apartments (\"The Venue\") in the fast growing\n \n McKinney\n \n submarket of the\n \n Dallas/Fort Worth\n \n (\"DFW\") metropolitan statistical area (\"MSA\") for a purchase price of\n \n $61 million\n \n .\n \n\n The Venue is a Class \"A\" multifamily community constructed in 2017 with 277 apartment units made up of one, two, and three-bedroom floorplans. It features attached garages, a large business center, gourmet kitchens featuring stainless steel appliances, spacious dog park, walk-in closets, resort-style swimming pool and modern fitness center and is zoned to the Frisco Independent School District which is ranked in the Top 1% in\n \n Texas\n \n and Nationwide.\n \n\n \"The Venue Craig Ranch is a perfect addition to BSR's portfolio and is in a high-growth DFW submarket that we know well,\" said\n \n Dan Oberste President\n \n and Chief Executive Officer of the REIT. \"As we integrate The Venue into BSR's proven management platform, we expect to identify opportunities to enhance the operating income from the property. Our talented team continues to identify opportunistic transactions in a challenging environment. We expect to see more rotation and acquisition opportunities arising as the transaction market improves.\"\n \n\n The REIT will fund the acquisition by drawing on its revolving credit facility and intends to sell approximately\n \n $60 million\n \n in assets in 2025 to reduce the balance then outstanding.\n \n\n BSR now owns and operates 9,181 apartments units total, with 3,502 or 38% in the DFW MSA.\n \n Dallas\n \n has been the leading US market in terms of both demand for rental accommodation and absorption of n...