BSR REIT Exits Beaumont Market with $44M Sale
BSR Real Estate Investment Trust sold West End Lodge in Beaumont, built in 2010 and comprising 360 apartment units, for gross proceeds of $44 million. The REIT has now exited the Beaumont market as part of its portfolio enhancement growth strategy and capital recycling program.
As part of the transaction, the undisclosed buyer assumed BSR’s in-place mortgage financing of $21.9 million and the REIT took back a $5.2-million note receivable maturing in five years. The REIT intends to use the remaining cash proceeds of $21.5 million to fund acquisitions.
“BSR has now exited the Longview and Beaumont, TX markets, the Baton Rouge and Shreveport, LA markets and the Tulsa, OK market, in addition to other non-core asset dispositions in the Little Rock and Houston markets,” said John Bailey, BSR’s CEO. “We now turn to completing this current phase of the capital recycling program by making acquisitions in our target markets.”
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