BSR REIT Acquires 370-Unit Houston Multifamily for $51M
With the purchased asset, acquired from Starlight Investments, the REIT now owns 2,332 apartment units within the Houston area.
HOUSTON, TX – BSR Real Estate Investment Trust has acquired the 370-suite apartment community, Broadstone Park West in Houston, TX from Starlight Investments in a $51 million transaction.
The REIT financed the purchase through its credit facility of $40 million, as well as $10.4 million in its trust units at $12.25 per unit, net of prorations. The transaction’s debt to gross book value is 49.8%. The REIT holds $54.5 million in liquidity after the purchase.
The acquired garden-style, residential community was originally constructed in 2014. The property features a clubhouse, fitness center, resort-style swimming pool and sun deck, garages and a dog park.
Upon the recent purchase, the REIT now owns 2,332 apartment units within the Houston metropolitan area.
The transaction represents BSR’s 11th property acquisition since in May 2018, when the REIT competed its initial public offering on the Toronto Stock Exchange. Adding 3,235 apartment units to its portfolio since then, the REIT has acquired Satori at Long Meadow Apartments in the Houston metropolitan area, Ariza at Plum Creek, Retreat at Wolf Ranch, Cielo and Madrone Apartments in the Austin metropolitan area, Wimberly, Auberry at Twin Creeks and Riverhill Apartments in the Dallas-Fort Worth metropolitan area, Brandon Place Apartments in Oklahoma City, OK and Towne Park at Har-ber Apartments in the Arkansas metropolitan area.
“The acquisition of Broadstone is another example of BSR growing according to our defined clustering strategy,” states John Bailey, CEO of BSR. “Broadstone is an attractive asset with the newer amenities that our residents want. We will add value to the property by applying it to our internal management platform, as we have done with other properties acquired since our IPO.”
