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BSR REIT closes US$104M acquisition of 2 Austin, Texas, multifamily complexes

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BSR REIT closes US$104M acquisition of 2 Austin, Texas, multifamily complexes

BSR REIT closed its acquisition of two class A garden-style apartment communities in Austin, Texas, for US$104.4 million.

Cielo and Madrone are 326-unit and 228-unit multifamily complexes, respectively, in the Hill Country submarket.

The Canadian multifamily real estate investment trust also agreed to offer 3,302,000 trust units on a bought-deal basis at a price of US$10.60 apiece for gross proceeds of about US$35 million, mainly to fund the acquisitions.

The syndicate of underwriters in the offering led by BMO Capital Markets has a 30-day overallotment option to acquire up to 495,300 additional units, which would increase the gross proceeds to about US$40 million if fully exercised.

The company will also sell 1,416,000 units to Vision Capital Corp., on behalf of the investment funds it manages, on a nonbrokered private placement basis for gross proceeds of about US$15 million.

The REIT also increased its senior secured revolving credit facility to US$175 million from US$110 million.