BSR Buys Austin, Texas-Area Apartment Complex for $55M


BSR Buys Austin, Texas-Area Apartment Complex for $55M
The Ariza Plum Creek Apartments in Kyle, Texas. (BSR REIT)

BSR Real Estate Investment Trust of Little Rock announced Tuesday that it had acquired Ariza Plum Creek Apartments in Kyle, Texas, for $55 million.

The 349-apartment unit is a garden-style residential community built in 2018 in the Austin MSA. The property includes a two-story fitness center, resort-style pool, package locker and a dog park.

The publicly traded REIT said it funded the deal with $35.8 million in mortgage debt. It used its credit facility for the balance of the purchase.

BSR now owns 1,189 apartment units in the Austin MSA. The company has made nine property acquisitions since completing its initial public offering on the Toronto Stock Exchange in May 2018.

"The purchase of Ariza  reflects the benefits of our clustering and asset repositioning strategy, under which we are attaining scale in targeted primary markets that lead the country in projected population and employment growth," John Bailey, BSR's CEO, said in a news release.