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AvalonBay Picks Up 8 Texas Rental Assets for $618.5M
AvalonBay Communities is under contract to acquire two apartment communities in the Austin metropolitan area (857 units) and six apartment communities in the Dallas-Fort Worth metropolitan area (1,844 units). The Austin-area assets were purchased for $187 million, and the DFW assets were acquired for $431.5 million. BSR REIT is the seller of the portfolio.
AvalonBay’s Matthew Birenbaum commented, “The assets are suburban garden communities with an average age of 11 years, providing a strong complement to our current and planned development activity with rents at a more affordable price point, and allowing for increased operating synergies as we increase our scale in these high-growth regions.”
For the eight communities:
The weighted average initial Market Cap Rate is projected to be in the high 4% range.
The average price per unit is approximately $229,000.
The weighted average rent per home is $1,675 per month.
- ◦Sale/Acquisition
