BSR REIT acquires two Houston properties for $141 million

Coming off a $618.5 million sale of assets to AvalonBay, BSR Real Estate Investment Trust (REIT) announced late this week it has acquired two new “high-quality” assets in Houston.

BSR REIT said it purchased two recently constructed communities, Forayna Vintage Park and Botanic Luxury, each located in the Houston, Texas MSA for $141 million.

“We have wasted no time finding two high-quality assets that complement our portfolio, enhance the REIT’s growth profile, and allow us to accretively redeploy a portion of the proceeds from our recent sale of nine stabilized properties,” said Dan Oberste, BSR’s Chief Executive Officer. “Forayna Vintage Park and Botanic Luxury are both well positioned to benefit from the BSR operating platform and drive growth for our unitholders. By adding these communities, we have quickly executed on a significant portion of the strategy we presented to the market in the first quarter of the year.”

Forayna Vintage Park Apartments, constructed in 2023, comprises 350 apartment units, including one, two, and three-bedroom suites. Amenities include a saltwater pool with sun shelves, cabanas, grilling stations, movie theater, two-story fitness center, cyber lounge, golf simulator and pet spa. Located in the Vintage Park development of Northwest Houston, Forayna is located next to dining, shopping, entertainment, and outdoor recreational options, with quick and convenient access to the Grand Parkway.

Botanic Luxury Apartments is located in Spring, Texas and also completed construction in 2023. Botanic comprises 288 apartment units including one, two, and three-bedroom suites. Amenities include a salt-water pool with sun shelf, cabana porch, grilling stations, modern clubhouse, game areas, two-story fitness center, yoga room, cyber lounge, conference room, movie theater and pet spa. Botanic is situated near several schools and employers, including Spring ISD, Lone Star College, ExxonMobil Headquarters, Hewlett Packard Enterprise, and Amazon, with quick access to Grand Parkway, and North Freeway/I-45.

With the closing of Forayna Vintage Park and Botanic Luxury, BSR now owns 25 properties consisting of 6,802 apartment units.