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BSR REIT Completes Sale of Austin Portfolio to Avalonbay Communities for $187 Million
BSR REIT Completes Sale of Austin Portfolio to Avalonbay Communities for $187 Million C...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n BSR REIT Completes Sale of Austin Portfolio to Avalonbay Communities for $187 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, Ark.\n \n and\n \n TORONTO\n \n\n ,\n \n\n March 31, 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 completed the sale of three properties located in\n \n Austin, TX\n \n to AvalonBay Communities, Inc. (\"AVB\") (NYSE: AVB) for cash proceeds of\n \n $187 million\n \n (the \"Transaction\"). The properties included in the Transaction are Cielo I (326 apartment units), Cielo II (228 apartment units), and Retreat at Wolf Ranch (303 apartment units).\n \n\n The Transaction completes the \"Direct Asset Sale Transaction\" portion of the previously announced two-part\n \n $618.5 million\n \n strategic disposition to AvalonBay. In connection with the Transaction, BSR retained\n \n $109 million\n \n of secured Fannie Mae mortgage indebtedness with an attractive interest rate of approximately 2.7%. Proceeds from the Transaction will be used for repayment of certain indebtedness, transaction expenses and for general corporate purposes, including redeployment into potential higher growth acquisition targets in BSR's core investment markets.\n \n\n The previously announced\n \n $431.5 million\n \n \"Contribution Transaction\", which is the second portion of the strategic disposition to AvalonBay and comprises the sale of six properties located in\n \n Dallas, TX\n \n , remains subject to customary closing conditions and is expected to close in the second quarter of 2025.\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...