Texas + Apartments | December 15, 2020

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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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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