Bailey Properties, LLC of Little Rock, Arkansas, and Summit Housing Partners, LLC of Montgomery, Alabama, announced today (April 12) they have merged to form a new company, BSR Trust, LLC.
The new firm, which signifies a major expansion for both companies, will create a portfolio of 111 multifamily properties located in 10 states with almost 600 employees.
The management of BSR Trust will be a combination of the leadership teams from Bailey Properties, LLC and Summit Housing Partners, LLC. No layoffs or downsizing are expected and offices will be maintained in Little Rock and Montgomery, Ala.
Daniel Hughes, founder of Summit Housing Properties, LLC will serve as the new company’s CEO. Patti Bailey and John Bailey, CEO of Bailey Properties, will both serve on the BSR’s board of directors. John Bailey will also serve on BSR’s Finance Committee.
Together, the companies bring combined assets of over one billion dollars, representing 18,689 units in 111 communities. The company’s strategy for growth will be centered at growing markets with below-average unemployment rates including Oklahoma City, Tulsa, Shreveport, Houston, Dallas, Little Rock, New Orleans and Baton Rouge. BSR Trust will continue to maintain Corporate offices in Montgomery and Birmingham, Alabama and Little Rock, Arkansas.
The merger has been approved by both companies’ board of directors and remains subject to regulatory approval and project lender consent.
“We are pleased to announce this merger of two industry leaders to create a stronger company with a focus to provide an exceptional living experience for each of our communities,” said Hughes.
“Our companies were aligned in many ways,” said John Bailey. “We both shared similar values and with our strength, we will look for opportunities to grow our business.”