BSR REIT Sells 3 Texas Communities
- May 07, 2020
BSR Real Estate Investment Trust has sold three workforce housing communities totaling 884 in the East Texas city of Longview. Saxony Capital Management purchased one of the properties, Summer Lake, while Monarch Investment & Management Group acquired the other two, Summer Brook and Summer Green I & II.
A JLL Capital Markets team including Senior Director Greg Toro and Director Steven Hahn, Jr. marketed the properties on behalf of the seller and completed the sale. The brokerage’s debt placement team also secured a floating-rate loan through Freddie Mac for Saxony’s acquisition of Summer Lake.
Located at 3100 McCann Road, Summer Lake features studio, one- and two-bedroom units averaging 852 square feet. The community also includes two swimming pools, a fishing lake, a lighted sports court and reserved covered parking. The property sits on 12.6 acres adjacent to Longview Mall and Loop 281.
Saxony is a boutique real estate investment and advisory firm with projects across Texas and Alabama. The company purchased a 252-unit community in Mobile, Ala., from PEM Real Estate Group last month.
Two More Communities
Summer Brook, located at 2300 Bill Owens Parkway, contains 208 units ranging from one to three bedrooms. The property spans 12.3 acres and is adjacent to the Paul G. Boorman Running Trail. Further west than Summer Lake, the property is also a short drive from retail amenities including Longview Mall and Longview Towne Crossing.
The other property acquired by Monarch, Summer Green I & II, is located at 110 E. Hawkins Parkway, on a 19.1-acre site neighboring Longview View. The community’s two phases include 164 one-bedroom units and 260 two-bedroom units, with an average size of 905 square feet. Amenities include two pools and a “bark park” with pet washing station.
Monarch currently manages more than 59,000 apartment units across the country, with a focus on the South and Midwest regions. The acquisition and management specialist purchased three communities from IRET in Sioux City, Iowa, last year.