BSR REIT Acquires Towne Park Property For $28.9M

BSR Real Estate Investment Trust announced Thursday that it has closed on its $28.9 million acquisition of Towne Park at Har-Ber Apartments in Springdale.

BSR utilized its revolving credit facility to fund the transaction.

The REIT said in a news release that the addition of Towne Park is expected to be accretive to its adjusted funds from operations on a per unit basis.

Towne Park was constructed in two phases in 2016 and 2017. It is a 237-unit multifamily property with one-, two-, and three-bedroom apartments and townhomes.

This is the BSR’s second purchase in the region in two years. It also acquired Mountain Ranch Apartments, a 360-unit garden-style complex less than 10 miles away, for $32.68 million in March 2017.

"We are thrilled to add Towne Park to our portfolio,” BSR CEO John Bailey said in the release. "This acquisition increases our exposure to the fastest growing market in our home state of Arkansas and is consistent with our strategy of clustering properties to maximize operating efficiencies.”

In the past two and a half years, BSR has grown its portfolio by 16 percent through the acquisition of five properties with a combined 1,394 units. The total unit count for BSR, which completed an IPO five months ago on the Toronto Stock Exchange, is now 10,116 units.