BSR REIT acquires Dallas apartment community for $82.75 million
Little Rock-based BSR Real Estate Investment Trust announced Thursday (July 29) that it has acquired Hangar 19 Apartments, a garden style residential community with 351 apartment units in the Dallas/Fort Worth, Texas market for $82.75 million.
The transaction was funded from the REIT’s credit facility.
Hangar 19 was constructed in 2020 in the high-growth Dallas/Fort Worth metropolitan statistical area, the fourth largest in the U.S. The property has numerous amenities including a modern fitness center, saltwater swimming pool with sun deck, corridor access garages, 24/7 package locker system, pet wash and dog walk, modern kitchens, soaking tubs, bike storage and private office workspaces.
“BSR now owns 3,014 apartment units in the Dallas/Fort Worth MSA, one of our core growth markets and one of the strongest generational multifamily markets in the U.S.,” said John Bailey, BSR’s Chief Executive Officer. “With this scale of operations, our internalized management platform is well positioned to optimize Hangar 19, delivering peak performance that benefits our residents and unitholders.”
BSR REIT is publicly trades on the Toronto Stock Exchange (HOM-U.TO). Its shares closed trading Thursday at $13.84 and set a record high for the year at $13.85. In the past year, the company’s stock has traded as low as $9.39 per share and as high as $13.85 per share.