Bailey Properties, Summit Housing Partners to Merge

Bailey Properties LLC of Little Rock and Summit Housing Partners LLC of Montgomery, Ala., announced Thursday they are merging to form a new company, BSR Trust LLC.

The companies said the merger will create a combined portfolio of 111 multifamily properties in 10 states with almost 600 employees. The combined operation will have assets of more than $1 billion representing 18,689 units.

BSR Trust said it will continue to maintain corporate offices in Montgomery and Birmingham, Ala., and Little Rock. Its management team will be a combination of leadership from both companies.

Daniel Hughes, founder of Summit Housing, will be the company’s CEO. Patti Bailey and John Bailey, CEO of Bailey Properties, will serve on the BSR board of directors. John Bailey will also sit on BSR’s finance committee.

Arkansas Business first reported word of the merger between the two firms in February. The deal has been approved by both companies’ boards but remains subject to regulatory approval and project lender consent, according to the companies.

"We are pleased to announce this merger of two industry leaders to create a stronger company with a focus to provide an exceptional living experience for each of our communities," Daniel Hughes, CEO of BSR Trust said. "We will rely on the traditional values that built our two companies, and look for opportunities to continue to grow our business in the future."

"Our companies were aligned in many ways," John Bailey said. "We both shared similar values and with our strength, we will look for opportunities to grow our business."

BSR Trust’s growth strategy targets "growing markets with below-average unemployment rates," including Oklahoma City, Tulsa, Shreveport, Houston, Dallas, Little Rock, New Orleans and Baton Rouge.

"BSR Trust has a bright future and we are excited about the opportunity to continue to provide value to our residents while building value for our shareholders," Hughes said.

Bailey Properties has apartment projects in Arkansas, Texas and Louisiana. The combined company will span Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Oklahoma, Tennessee, and Texas.