H&R Real Estate Investment Trust, in reporting its second-quarter earnings, said it bought 314 residential rental units at the 3512 Grande Reserve Way property in Orlando, Fla., for US$74.7 million, before transaction costs, in June.
The Canadian diversified REIT also sold in June its 50.5% stakes in two U.S. industrial properties for C$26.9 million and repaid the two respective mortgages totaling C$18.4 million upon closing. It also bought the remaining 49.5% stake it does not already own in 510 E. Courtland St. in Morton, Ill., for C$2.9 million.
Also in June, the REIT bought a 100% leasehold interest to develop as many as 670 residential rental units in a project called Sunrise in Orlando. It expects to start construction on 321 residential rental units, which make up Phase 1 of the project, in the fourth quarter and to finish it by the second quarter of 2021. It estimates the budget for Phase 1 will total US$57.9 million.
Additionally, the company said its 363,983-square-foot industrial property in Boucherville, Quebec, was classified as held for sale as at June 30 for C$17.1 million at its ownership share.