BSR REIT acquires Dallas market property for $51.8 million
by September 25, 2020 7:40 pm 1,329 views
Little Rock-based BSR Real Estate Investment Trust has acquired Aura Castle Hills Apartments in Lewisville, Texas for $51.8 million.
Aura Castle is a 276-suite, garden style residential apartment complex in the Dallas/Fort Worth Metropolitan Statistical Area. The addition of the property is expected to be immediately accretive to BSR’s adjusted funds from operations on a per unit basis.
Aura Castle Hills was constructed in 2019. The property has numerous amenities including a clubhouse, modern fitness center, resort-style swimming pool with sun deck, garages, 24/7 package locker system, grilling areas, fire pit and pet park.
BSR now owns 1,984 apartment units in the Dallas/Fort Worth MSA.
“Aura Castle Hills is a modern community in one of BSR’s high growth targeted markets,” said John Bailey, BSR’s Chief Executive Officer. “This purchase is another example of BSR’s superior execution on our capital recycling strategy. Aura Castle Hills has all of the amenities our residents treasure and value.”
BSR currently owns 40 multifamily garden style properties consisting of 9,681 units with a weighted average age of 20 years. The REIT’s 12 acquisitions following its 2018 IPO have added 3,511 apartment units with a weighted average year built of 2011.
BSR Real Estate Investment Trust is an internally managed, unincorporated, and open-ended real estate investment trust. It trades publicly on the Toronto Stock Exchange.