BSR REIT buys 3 Texas properties, sells Blytheville complex
BSR Real Estate Investment Trust announced Wednesday (March 31) it is acquiring a portfolio of three garden-style apartment communities in its core Texas markets for $195 million. The REIT is satisfying 100% of the purchase price for the portfolio through its existing credit facility.
BSR also announced the sale of Capri Apartments located in Blytheville, Arkansas for gross proceeds of $3.1 million. The net proceeds, after closing costs, of $2.7 million were used to reduce the amount outstanding under the company’s credit facility.
The three purchase properties include:
Vale Frisco Apartments, a newly constructed community of 349-apartment suites located in the Dallas, Texas submarket of Frisco. Amenities include balconies, resort-style pool, outdoor grilling areas, a two-story fitness center, gaming lounge, theater room, yoga studio, dog park with pet spa, and car care center.
Adley at Gleannloch Apartments, a 260-apartment suite complex located in the Houston, Texas submarket of Spring. The community was constructed in 2019 and amenities include balconies, a social lounge with fireplace and catering kitchen, dog park with pet spa, car care center, resort-style pool, modern fitness center, outdoor kitchens, cinema theater, package delivery room, fenced playground, and business center with meeting rooms.
Alleia Long Meadow Farms, a 400-apartment suite property in the Houston, Texas submarket of Richmond. Amenities include balconies, walk-in showers with separate soaking tubs, resort-style pool, outdoor kitchen with lounge, fitness center with yoga and flex space, dog park, pet spa, car care center and bike repair center with storage.
“With the purchase of Adley, Vale Frisco and Alleia, we are enhancing our portfolio positioning in Dallas and Houston,” said John Bailey, BSR’s Chief Executive Officer. “BSR has gained impressive scale in these markets, and we are continuing to build greater scale by acquiring two additional phases of prior acquisitions, allowing us to use our experience to manage these modern communities to their fullest potential.”
Since BSR REIT completed its initial public offering on May 18, 2018, the portfolio’s weighted average age has decreased from 29 years to 15 years old, directly attributable to the capital recycling program. The REIT’s 17 acquisitions following the IPO added 5,200 apartment units with a weighted average year built of 2014 (seven years old) compared to 35 dispositions totaling 6,832 apartment units with a weighted average year built of 1988 (33 years old).