Multifamily REIT Sells 2,600-Unit Southern Portfolio

Image courtesy of BSR REIT

Multifamily REIT BSR has sold a 2,600-unit portfolio of apartment communities in Texas and Arkansas to Dallas-based RREAF Holdings for an undisclosed sum. The 11-property portfolio is spread across three cities: Little Rock, Ark.; Houston, and Beaumont, Texas.

The deal comes seven months after BSR sold three workforce housing properties totaling 884 units in the East Texas city of Longview. Saxony Capital Management picked up one of the properties, while Monarch Investment & Management Group acquired the other two.

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A Colliers International team of Cindy Cooke, Brad Cooke, Chris Roach, Matt Roach, Teresa Lowery and Ron Cameron represented the Arkansas-based seller in the deal.

Four of the multifamily properties are in the Houston area, two are in the East Texas town of Beaumont, and five communities totaling 981 apartments are in the Little Rock metro area. The sale is part of BSR’s “portfolio enhancement growth strategy and capital recycling program,” according to Colliers’ Cindy Cooke.

The residential properties in the portfolio include:

• Indian Hills, located in North Little Rock, Ark. Built in 1978, the property has 169 apartment units totaling 147,493 square feet. Units average 873 square feet.  
• Overbrook I-IV & V, located in North Little Rock, Ark., has 440 apartment units totaling 392,720 square feet. Built in 1975 and 1985, units average 893 square feet.
• South Oaks, located in Little Rock, has 204 apartment units totaling 141,960 square feet. Built in 1986, apartments average 696 square feet.
• Woodland Oaks, located in Conway, Ark., has 168 apartment units totaling 45,220 square feet. Built in 2004, units average 870 square feet.  
• Baystone, located in Webster, Texas, has 290 apartment units averaging 970 square feet. Built in 1968, the property is situated on 11.6 acres. 
• The Vanderbilt, located in Houston, has 416 apartment units averaging 1,021 square feet in size. The property was built in 1983.  
• Windsor Estates I & II, located in Texas City, Texas, has 400 apartment units that average 973 square feet in size. The community was built in 2000 and 2003.
• West End Lodge, located in Beaumont, Texas, has 360 apartment units averaging 850 square feet. The community is situated on 21.7 acres and was built in 2007. 
• The Pointe, located in Beaumont, Texas, has 153 apartment units totaling 158,551 square feet. The property was built in 2003 and units average 1,036 square feet.

BSR has been active in the Southern markets in the past couple of years. In August of 2019, the REIT paid $104.4 million for two adjacent garden-style communities in west Austin, Texas.