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BSR REIT Buys Texas Apartments for Almost $83M

1 min read

BSR Real Estate Investment Trust has acquired Hangar 19, a 351-unit apartment complex in Fort Worth for $82.75 million.

The seller was Leon Capital Group of Dallas.

BSR said the transaction was funded by its credit facility, and the newly acquired property is expected to contribute approximately $0.04 per unit to its adjusted funds from operations in the first full year of ownership.

“BSR now owns 3,014 apartment units in the Dallas/Fort Worth MSA, one of our core growth markets and one of the strongest generational multifamily markets in the US,” CEO John Bailey said in a news release. “With this scale of operations, our internalized management platform is well positioned to optimize Hangar 19, delivering peak performance that benefits our residents and unitholders.”

The complex was constructed in 2020. Its amenities include a fitness center, saltwater swimming pool with sun deck, corridor access garages, 24/7 package locker system, pet wash and dog walk, modern kitchens, soaking tubs, bike storage and private office workspaces.

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