BSR Real Estate Investment Trust (“BSR” or the “REIT”) (TSX: HOM.U) (TSX: HOM.UN) announced that it has purchased The Ownsby Apartments (“Ownsby”) in the fast-growing Celina, TX submarket of the Dallas-Fort Worth MSA for $87.5 million.
“The addition of another high quality, newly developed lease-up property in a fast-growing Texas submarket is the perfect complement to our portfolio,” stated Dan Oberste, BSR’s Chief Executive Officer. “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.”
Completed earlier this year, The Ownsby comprises 368 apartment units, including one, two, and three-bedroom suites. Units feature up to 10 ft. ceilings, quartz countertops, walk-in showers, gourmet kitchens and direct access garages. Property amenities include a resort style pool, movie theater, modern fitness center, golf simulator, private offices, bike storage and pet spa. The US Census Bureau named Celina, TX the fastest growing city in the US in 2023 and it grew by 19% in the twelve months ending July 2024. The Ownsby has easy access to the Dallas Parkway and to major employers including Toyota, PGA of America, Baylor Medical Center, American Airlines and AT&T.
BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary markets in the Sunbelt region of the United States.
Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the REIT’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the intended monthly distributions of the REIT. The forward-looking statements in this news release are based on certain assumptions including, without limitation, that the REIT will have sufficient cash to pay its distributions. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
