BSR Real Estate Investment Trust of Little Rock announced Tuesday that it has sold two Texas properties for gross proceeds of $147.9 million.
The properties are the 474-unit Windhaven Park Apartments in Plano and 286-unit The Heritage at Hillcrest Apartments in Austin.
The net proceeds of $142 million were used to repay $59 million in mortgage debt, the REIT said. CEO John Bailey said the company intends to reinvest the rest in its properties in the Austin, Dallas and Houston markets.
