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BSR REIT ANNOUNCES SALE OF BLUFF CREEK APARTMENTS IN OKLAHOMA CITY FOR $28.3 MILLION
BSR REIT ANNOUNCES SALE OF BLUFF CREEK APARTMENTS IN OKLAHOMA CITY FOR $28.3 MILLION Ca...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n BSR REIT ANNOUNCES SALE OF BLUFF CREEK APARTMENTS IN OKLAHOMA CITY FOR $28.3 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\n LITTLE ROCK, AR.\n \n and\n \n TORONTO\n \n\n ,\n \n\n March 24, 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 sold Bluff Creek Apartments in\n \n Oklahoma City, Oklahoma\n \n for gross proceeds of\n \n $28.3 million\n \n . Bluff\n \n Creek\n \n was built in 1984 and has 316 apartment units. The gross sales price is equal to the IFRS value of the property as of\n \n December 31, 2024\n \n and represents an 8.4% increase over the IFRS value as of\n \n September 30, 2024\n \n .\n \n\n \"This transaction is consistent with our strategy to prove portfolio value by opportunistically divesting fully optimized assets at or near book value, with the intention of redeploying the capital into higher returning assets,\" stated\n \n Dan Oberste\n \n , BSR's Chief Executive Officer. \"Following our recently announced\n \n $618.5 million\n \n strategic disposition to AvalonBay Communities, the sale of Bluff Creek Apartments further improves our balance sheet and liquidity, and better positions us to fully capitalize on the improving acquisitions landscape in our core Texas Triangle markets.\"\n \n\n Proceeds from the sale will initially be used to pay down the REIT's revolving line of credit while at the same time deferring capital gains tax as part of a reverse 1031 exchange under the US tax code.\n \n\n\n About BSR Real Estate Investment Trust\n \n\n\n BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of\n \n Ontario\n \n . The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary markets in the Sunbelt region of\n \n the United States\n \n .\n \n\n\n Forward-Looking Statements\n \n\n\n This news release may contain forward-looking ...