BSR acquires Texas apartment complex for $51.6 million
BSR Real Estate Investment Trust announced it has acquired Retreat at Wolf Ranch Apartments, a 303 suite, garden-style residential community in Georgetown, Texas and the Austin Metropolitan Statistical Area (MSA) for $51.6 million.
The transaction was funded with $26.5 million in mortgage debt, with the REIT’s credit facility used for the balance. The addition of the property is expected to be immediately accretive to the REIT’s adjusted funds from operations on a per unit basis.
Wolf Ranch was constructed in 2017 in the high-growth Austin MSA and sits in Williamson County, which was the second fastest-growing county in the U.S. from 2010-2018.
The property has numerous amenities including a clubhouse, fitness center, resort-style swimming pool with sun deck, garages, 24/7 package locker system, and two dog parks.
BSR now owns 1,492 apartment units in the Austin MSA.
“Despite instability in the broader US economy attributable to the COVID-19 pandemic, we continue to execute our growth plan,” said John Bailey, BSR’s Chief Executive Officer. “Wolf Ranch is a modern community complete with the amenities our residents seek. The addition of this property to our portfolio is consistent with our strategy of building large clusters of properties in target markets that lead the country in population and employment growth.”
The purchase of Wolf Ranch marks 10 property acquisitions for BSR since completing its initial public offering on the Toronto Stock Exchange in May 2018. The 10 acquisitions have added 2,865 apartment units to the REIT’s portfolio with an average age of ten years.
Little Rock-based BSR Real Estate Investment Trust is an internally managed, unincorporated, and open-ended real estate investment trust that trades publicly in Ontario, Canada. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary and secondary markets in the Sunbelt region of the United States.