BSR Real Estate Investment Trust of Little Rock announced that it has acquired multifamily project The Venue Craig Ranch Apartments in McKinney, Texas, for $61 million.
It’s the company’s first acquisition since 2021, when it purchased three apartment properties in Texas for a total of $273.6 million.
BSR is funding its latest acquisition by drawing on its revolving credit facility and intends to sell about $60 million in assets in 2025 to reduce the balance then outstanding, the company said in a news release.
The Venue is a 277-unit apartment complex built in 2017 that features attached garages, a large business center, dog park, resort-style swimming pool and fitness center. It’s part of the Dallas-Fort Worth submarket.
“As we integrate The Venue into BSR’s proven management platform, we expect to identify opportunities to enhance the operating income from the property,” Dan Oberste, CEO of BSR, said in the release. “Our talented team continues to identify opportunistic transactions in a challenging environment. We expect to see more rotation and acquisition opportunities arising as the transaction market improves.”
BSR now owns and operates 9,181 apartments units total, with 3,502, or 38%, in the Dallas-Fort Worth market.
The company is publicly traded on the Toronto Stock Exchange (TSX HOM.U). Net operating income, a key measure of performance used by real estate operating companies and REITs, fell to $22.3 million in the third quarter, compared to $22.7 million in the same quarter a year ago
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