BSR REIT acquires Texas apartment property for $61 million

BSR Real Estate Investment Trust acquired The Venue Craig Ranch Apartments in the fast growing McKinney submarket of the Dallas/Fort Worth metro area for $61 million.

The Venue is a Class “A” multifamily community constructed in 2017 with 277 apartment units made up of one, two, and three-bedroom floorplans. It features attached garages, a large business center, gourmet kitchens featuring stainless steel appliances, spacious dog park, walk-in closets, resort-style swimming pool and modern fitness center.

“The Venue Craig Ranch is a perfect addition to BSR’s portfolio and is in a high-growth DFW submarket that we know well,” said Dan Oberste President and Chief Executive Officer of Little Rock-based BSR.

“As we integrate The Venue into BSR’s proven management platform, we expect to identify opportunities to enhance the operating income from the property. Our talented team continues to identify opportunistic transactions in a challenging environment. We expect to see more rotation and acquisition opportunities arising as the transaction market improves,” he added.

The REIT will fund the acquisition by drawing on its revolving credit facility and intends to sell approximately $60 million in assets in 2025 to reduce the balance then outstanding.

BSR now owns and operates 9,181 apartments units total, with 3,502 or 38% in the DFW MSA. Dallas has been the leading U.S. market in terms of both demand for rental accommodation and absorption of new supply, positioning the market for significant potential growth in rental rates.

BSR also announced the redemption in full of all issued and outstanding Convertible Debentures on January 3rd 2025. The REIT previously announced its intention to redeem the Convertible Debentures in its Q3 2024 earnings release. The aggregate principal amount was $41.5 million, plus accrued and unpaid interest.