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BSR Real Estate Investment Trust of Little Rock said Thursday that it has acquired Aura Castle Hills Apartments, a 276 garden-style residential community in Lewisville, Texas, in the Dallas-Fort Worth MSA for $51.8 million.
Publicly traded BSR said it fined the deal through its credit facilities and that it expects the property to be immediately accretive to its adjusted funds from operations on a per unit basis. The purchase price works out to $187,681 per suite, the company said.
“Aura Castle Hills is a modern community in one of BSR’s high growth targeted markets,” John Bailey, BSR’s CEO, said in a news release. “This purchase is another example of BSR’s superior execution on our capital recycling strategy. Aura Castle Hills has all of the amenities our residents treasure and value.”
According to BSR, Aura Castle Hills was built in 2019. Amenities include a clubhouse, modern fitness center, resort-style swimming pool with sun deck, garages, a package locker system, grilling areas, fire pit and pet park.
With this purchase, BSR now owns 1,984 apartment units in the Dallas-Fort Worth area, representing approximately 24% of its net operating income.
In all, BSR owns 40 multifamily garden-style properties consisting of 9,681 units with a weighted average age of 20 years. BSR has made 12 acquisitions since its IPO in 2018.