BSR REIT acquires Texas apartments for $87.5-million

Executive Summary

• BSR Real Estate Investment Trust has acquired The Ownsby Apartments, a newly developed multifamily property located in Celina, Texas, within the Dallas-Fort Worth Metropolitan Statistical Area (MSA).
• The transaction was completed for a total purchase price of $87.5 million.
• The acquisition adds 368 apartment units to BSR's portfolio, targeting a high-growth submarket identified by the U.S. Census Bureau as the fastest-growing city in the U.S. in 2023.

Key Details

• Transaction Value: $87.5 million.
• Target Asset: The Ownsby Apartments.
• Location: Celina, Texas (Dallas-Fort Worth MSA).
• Property Specifications:
  • 368 apartment units.
  • Unit mix includes one-, two-, and three-bedroom suites.
  • Unit features: Up to 10-foot ceilings, quartz countertops, walk-in showers, gourmet kitchens, and direct access garages.
  • Amenities: Resort-style pool, movie theater, modern fitness center, golf simulator, private offices, bike storage, and pet spa.
• Market Context:
  • Celina was named the fastest-growing city in the U.S. by the U.S. Census Bureau in 2023.
  • The city grew by 19% in the 12 months ending July 2024.
  • Property is located near major employers including Toyota, PGA of America, Baylor Medical Center, American Airlines, and AT&T.
• Strategic Rationale: CEO Dan Oberste described the acquisition as a "perfect complement" to the existing portfolio, leveraging the BSR platform to maximize value through predictable rotations into best-in-class investments in Texas.

Notable Quotes

• "The addition of another high-quality, newly developed lease-up property in a fast-growing Texas submarket is the perfect complement to our portfolio... The Ownsby will be another example of a community that can benefit from the BSR platform's proven ability to maximize value through predictable rotations into best-in-class investments in Texas." — Dan Oberste, Chief Executive Officer, BSR Real Estate Investment Trust