BSR Real Estate Investment Trust (BSR) completed the acquisition of a $45.2 million apartment complex in Grand Prairie, Texas. The Little Rock-based, publicly traded real estate investment trust purchased Riverhill Apartments, a 334-unit multi-family complex on 16 acres in the Dallas-Fort Worth area.
The addition of Riverhill is expected to be immediately accretive to BSR’s adjusted funds from operations on a per unit basis.
Riverhill, built in 1995, comprises four four-story apartment buildings and 11 three-story apartment buildings, as well as a leasing office/clubhouse, laundry facility and fitness center. The average monthly rent is approximately US$1,067 per unit.
BSR now owns three properties in the Dallas-Fort Worth region, an area the REIT has targeted for acquisitions.
“The Riverhill property is an outstanding addition to BSR’s portfolio,” said John Bailey, CEO of BSR. “It increases our exposure to a highly attractive market, and we see significant opportunities to generate both organic rent growth and additional rent growth through our value add strategies including unit upgrades and property enhancements.”
The transaction was funded utilizing BSR’s revolving credit facility.
BSR completed an initial public offering on the Toronto Stock Exchange in May, 2018. Its acquisitions since becoming a publicly-traded company have added a combined 771 units to the REIT’s portfolio, which now includes 50 multi-family properties comprising 10,450 units.