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BSR REIT Purchases McKinney Apartments
BSR Real Estate Investment Trust (“BSR”) acquired The Venue Craig Ranch Apartments (“The Venue”) in McKinney for $61 million. GFI Capital Resources Group purchased the property in 2017.
The Venue is a Class “A” multifamily community constructed in 2017 with 277 apartment units in one-, two-, and three-bedroom floorplans. It features attached garages, a large business center, swimming pool and fitness center.
The REIT will fund the acquisition by drawing on its revolving credit facility and intends to sell approximately $60 million in assets in 2025 to reduce the balance then outstanding.
BSR now owns and operates 9,181 apartment units total, with 3,502 or 38% in the DFW MSA. Dallas has been the leading US market in terms of both demand for rental accommodation and absorption of new supply, positioning the market for significant potential growth in rental rates.
- ◦Sale/Acquisition
- ◦Financing
