BSR REIT ANNOUNCES puchase of two Houston COMMUNITIEs for $141 million
LITTLE ROCK, Ark. and TORONTO, May 15, 2025 /CNW/ - BSR Real Estate Investment Trust ("BSR" or the "REIT") (TSX: HOM.U) (TSX: HOM.UN) announced today that it has purchased two recently constructed communities, Forayna Vintage Park and Botanic Luxury, each located in the Houston, Texas MSA for $141 million.
"We have wasted no time finding two high-quality assets that complement our portfolio, enhance the REIT's growth profile, and allow us to accretively redeploy a portion of the proceeds from our recent sale of nine stabilized properties," stated Dan Oberste, BSR's Chief Executive Officer. "Forayna Vintage Park and Botanic Luxury are both well positioned to benefit from the BSR operating platform and drive growth for our unitholders. By adding these communities, we have quickly executed on a significant portion of the strategy we presented to the market in the first quarter of the year."
Forayna Vintage Park Apartments ("Forayna"), constructed in 2023, comprises 350 apartment units, including one, two, and three-bedroom suites. Amenities include a saltwater pool with sun shelves, cabanas, grilling stations, movie theater, two-story fitness center, cyber lounge, golf simulator and pet spa. Located in the Vintage Park development of Northwest Houston, Forayna is located next to dining, shopping, entertainment, and outdoor recreational options, with quick and convenient access to the Grand Parkway.
Botanic Luxury Apartments ("Botanic") is located in Spring, Texas and also completed construction in 2023. Botanic comprises 288 apartment units including one, two, and three-bedroom suites. Amenities include a salt-water pool with sun shelf, cabana porch, grilling stations, modern clubhouse, game areas, two-story fitness center, yoga room, cyber lounge, conference room, movie theater and pet spa. Botanic is well situated near several schools and employers, including Spring ISD, Lone Star College, ExxonMobil Headquarters, Hewlett Packard Enterprise, and Amazon, with quick access to Grand Parkway, and North Freeway/I-45.
With the closing of Forayna Vintage Park and Botanic Luxury, BSR now owns 25 properties consisting of 6,802 apartment units.
About BSR Real Estate Investment Trust
BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary markets in the Sunbelt region of the United States.
Forward-Looking Statements
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the REIT. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the REIT's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the intended monthly distributions of the REIT. The forward-looking statements in this news release are based on certain assumptions including, without limitation, that the REIT will have sufficient cash to pay its distributions. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in the REIT's Q1 2025 Management's Discussion & Analysis dated May 7, 2025 which is available at www.sedarplus.ca. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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