BSR Buys Texas Apartment Complex for $51.6M


(BSR REIT)
(BSR REIT)
(BSR REIT)

BSR Real Estate Investment Trust has acquired for $51.6 million the Retreat at Wolf Ranch Apartments, a 303-suite, garden-style residential community in Georgetown, Texas, and in the Austin Metropolitan Statistical Area.

The transaction was funded with $26.5 million in mortgage debt, with the publicly traded REIT’s credit facility used for the balance. 

The REIT said the deal is expected to be immediately accretive to its adjusted funds from operations on a per unit basis.

Wolf Ranch was built in 2017 in Williamson County, the second fastest-growing county in the country from 2010-18. It has a clubhouse, fitness center, resort-style swimming pool with sun deck, garages, 24/7 package locker system and two dog parks. 

BSR now owns 1,492 apartment units in the Austin MSA.

"Despite instability in the broader U.S. economy attributable to the COVID-19 pandemic, we continue to execute our growth plan," CEO John Bailey said in a news release. "Wolf Ranch is a modern community complete with the amenities our residents seek. The addition of this property to our portfolio is consistent with our strategy of building large clusters of properties in target markets that lead the country in population and employment growth."

The company has made 10 property acquisitions since completing its initial public offering on the Toronto Stock Exchange in May 2018.