Dan Oberste is the new CEO of BSR Real Estate Investment Trust of Little Rock.
Oberste, whose promotion took effect Jan. 1, retains his position as president and chief investment officer and will serve on its board of directors as a non-independent trustee, BSR said in a news release. He's been with BSR since 2012.
Oberste succeeds John Bailey, who had led the company since 1991. Bailey has been appointed executive vice-chair of the board and will assist Oberste with management and strategy.
BSR spokesman Spencer Andrews said Oberste replaced Bailey as part of the company's succession plan.
Oberste takes over after the company's $273.6 million acquisition of three apartment communities in Texas. It announced Dec. 15 the purchase of Aura Benbrook Apartments and Overlook by the Park Apartments in the Dallas-Fort Worth area, and The M at Lakeline Apartments in Austin.
In total, the company acquired 1,059 apartment units.
The transaction was funded using the REIT’s credit facility and cash on hand. It resulted in a net increase in assets of $126 million.
The company's assets now total nearly $2 billion, according to Oberste. It has acquired about $1.3 billion in assets since the company went public in 2018 on the Toronto Stock Exchange (TSX HOM.U) as part of an aggressive capital recycling program. Through that program, the weighted average age of BSR's portfolio has decreased from 29 to 11 years old.
Oberste said that as CEO, the company's strategic direction won't change much. He said BSR is going to "focus on really managing and running our properties."
"We're going to take deliberate bites at the growth apple when it's smart for our shareholders, but we're not going to grow any assets just to grow," he said. "Our markets are really some of the best markets in the country."
Oberste earned his undergraduate degree from the Sam M. Walton College of Business at the University of Arkansas and his Juris Doctor from the University of Arkansas School of Law.
He has recently served on the UAMS Consortium Advisory Board and was chair of the University of Arkansas at Pulaski Technical College Foundation.
Oberste is part of the Arkansas Business 40 Under 40 class of 2019.
BSR also announced that Teresa Nato, CFO of Granite Real Estate Investment Trust of Toronto, will serve on the board as an independent trustee.