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BSR REIT buys Texas apartment complex for US$45M

Canada-based BSR Real Estate Investment Trust closed its US$45.2 million acquisition of the Riverhill Apartments complex in Grand Prairie, Texas.

The 334-unit multifamily property was built in 1995 on a roughly 16-acre site, and encompasses four four-story and 11 three-story apartment buildings, with an average monthly rent of about US$1,067 per unit. The complex also includes office and clubhouse space, a fitness center and other amenities.

The REIT used its revolving credit facility to fund the transaction, according to a release.

The asset is expected to be immediately accretive to the company's adjusted funds from operations on a per-unit basis.

BSR's portfolio now includes 50 multifamily properties comprising 10,450 units.