“The company is in growth mode and will continue to pursue accretive acquisitions to our unitholders going forward.” “Our acquisition capacity for investments is $175 million after yesterday’s purchases,” Chief Financial Officer Susie Koehn said Wednesday. Since mid-November, the company has sold a dozen older properties and now is turning attention to adding newer apartment complexes in the five target markets. “Our ability to execute on BSR’s plan to increase shareholder value has been on full display during the fourth quarter.” “We are now using our strong liquidity position to invest in Vale and Satori Frisco, modern communities in core growth markets with the amenities our residents desire,” he added. “The purchase of Vale and Satori Frisco is a clear example of our portfolio enhancement growth strategy and capital recycling program at work,” said John Bailey, BSR’s chief executive officer. The company has targeted the Austin, Dallas, Houston and Oklahoma City regions as well as Northwest Arkansas for growth potential. Those additions are part of BSR’s strategy to acquire newer apartment complexes in growing metro areas in the Sun Belt region while selling off old properties in declining markets.
Vale is a newly constructed garden-style community and Satori Frisco was built in late 2019. The Little Rock company announced late Tuesday that it has purchased apartment complexes in the Houston and Dallas metropolitan areas and intends to continue the momentum going forward.īSR purchased the 350-unit Vale Luxury Apartments in the Houston area and the 330-unit Satori Frisco Apartments in the Dallas metro region. After spending $129 million to acquire two Texas apartment properties, BSR Real Estate Investment Trust said Wednesday that it remains in growth mode with an additional $175 million it plans to use for more acquisitions.
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