Little Rock-based BSR Real Estate Investment acquired three new apartment properties in Texas for a total of $273.6 million.
The three properties are Aura Benbrook Apartments and Overlook by the Park Apartments, both in the Dallas/Fort Worth metropolitan statistical area, as well as The M at Lakeline Apartments in the Austin, Texas MSA.
The addition of the properties is expected to be immediately accretive to the BSR’s adjusted funds from operations. The transactions were funded using the REIT’s credit facility and cash on hand.
Aura is a garden-style community in the Benbrook submarket of the DFW MSA consisting of 301 apartment units constructed in 2020. The property includes multiple amenities such as a resort-style swimming pool, corridor attached garages, a modern fitness center, a dog park and a grilling station.
Overlook is a midrise suburban community consisting of 384 apartment units situated in the Frisco submarket of the DFW MSA, constructed in 2014. The property includes features such as an infinity edge saltwater pool, a modern fitness center, jetted tubs, a dog park and pet care center and reserved covered parking for all apartment units.
Lakeline is a Big House style community situated in the rapidly growing Cedar Park submarket of the Austin, Texas MSA comprising 374 apartment units built in 2014. The property includes features such as a resort style swimming pool with splash pad, 24hr package access and private access to a stocked fishing pond.
“With the purchase of Overlook, Aura, and Lakeline, we have added over 1,000 investment grade apartment units in our core markets to close out the year,” said John Bailey, BSR’s Chief Executive Officer. “This wraps up a historic year for BSR where our acquisitions have continued to modernize and reposition our portfolio for growth, while significantly increasing our Net Asset Value.”