SMALL ROCK, AR – Small Rock based BSR announced the successful completion of an International Initial Public Offering (“IPO”). The go takes the former privately held company public on the Toronto Stock Exchange (TSX) as a real estate investment trust (“BSR REIT”), trading under the ticker symbol HOM.U. The IPO raised $135.0 million in cash proceeds and lays the groundwork for BSR’s future growth. BSR REIT units started trading on May 18th, and today marks the end of the “silent period” required for such international IPOs in the United States.

“We are thrilled to finally be able to announce this next step in BSR’s growth,” said BSR’s CEO John Bailey. “We have been working diligently toward this IPO for a year and believe it is a fantastic development for BSR. Going public in Canadawas an attractive option for us because of our size and asset class. This successful IPO has positioned us well for additional growth.”

BSR REIT owns and operates 48 multifamily garden-style properties across Texas, Oklahoma, Arkansas, Louisiana and Mississippi. In the past two years before the IPO, BSR has bought multiple properties, including Mountain Ranch Apartments in Fayetteville, AR, West End Lodge Apartments in Beaumont, TX, and its largest acquisition to date, Windhaven Park Apartments in Plano, TX. Those acquisitions grew the portfolio’s unit count 14%. 

BSR’s employees will continue to work in the U.S., with leadership and operations remaining at BSR’s Small Rock Arkansas headquarters in the historic Union Station building.

BSR is a leading owner and operator of garden-style, multifamily communities in the US. The primary mission of BSR is to provide an exceptional living experience for residents at a community they are proud to call home while making value for our shareholders through strength, profitability and growth. BSR traces its roots back to 1956 with the formation of Bailey Corporation in Small Rock, Arkansas. Headquartered in the historic Union Station in downtown Small Rock, BSR owns and manages 48 properties comprised of over 9,879 apartment units in five states. In 2017 BSR was named one of the Best Places to Work by Arkansas Business. 

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NEW YORK, NY – Real estate investment firms Dalan Management Associates and Elion Partners announced the completion of a joint venture transaction, whereby both entities bought two adjacent buildings comprised of 68 multifamily units with ground floor retail. 2568 Broadway and 226 West 97th Street, located on Manhattan’s Upper West Side, were sold by AAG Management to Dalan and Elion for approximately $66 million.

The Broadway units are located just one block from the West 96th St. subway station and walking distance to top-rated dining and retail shops, as well as historic cultural landmarks, Central Park and the Museum of Natural History. Both buildings are eight tales with elevators, with one containing ground floor retail tenants, Bank of America, Dunkin Donuts, and Paris Baguette.

In this next phase of growth, Dalan and Elion plot to co-manage the asset. The long-term goal will be a renovation of the multifamily units, adding bedrooms and splitting apartments where possible for more functional living space.

“The competitive advantage of these units is the prime Upper West side location across the street from one of the two major subway stops in this neighborhood. The proximity to all that the Upper West Side has to offer and the ease of commute throughout Manhattan and the boroughs makes this a truly unique asset,” said Daniel Wrublin of Dalan Management. “With careful hands on management, and its prime location, these units will serve as fantastic residences and attractive retail hubs for consumers for years to come.”

“This partnership aligns with Elion’s overall investment strategy, which focuses on acquiring high quality assets at or below replacement costs, in irreplaceable locations, with the use of moderate to low leverage,” said Juan DeAngulo, Managing Partner at Elion. “We are thrilled to announce this partnership with Dalan, which marks our first entrance to the New York City market. We see fantastic potential both with these assets and in the Greater New York region and look forward to further penetration in this market.”

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CHARLOTTE, NC – Blaze Partners and Right North Management Group announced the acquisition of Galleria Village Apartments, a 210-unit apartment community located in the Matthews submarket of Charlotte. The asset was bought on June 12, 2018 by a newly-formed partnership between affiliates of the parties. 

“This transaction represents our continued belief in Charlotte’s dynamism and in particular, that of the Matthews submarket given its strong growth trajectory for rental housing demand,” said Eddy O’Brien, Co-Founder and Managing Partner of Blaze. “We are thrilled to be expanding our partnership with Right North through an acquisition that fits within our collective value-add approach of buying well-located suburban assets below replacement cost with strong upside potential.” 

Located in the rapidly expanding Matthews submarket of Charlotte, the garden-style community is situated within the Galleria Village retail area with simple access to Independence Boulevard and proximity to highly sought-after public schools and local employment nodes. The option of one-, two-, and three- bedroom floor plans and walkability to retail amenities makes the community an ideal home choice for prospective residents. The partnership plans to strategically invest capital to further improve the community through the upgrade of common area amenities and renovation of select interior units. 

The acquisition of Galleria Village marks the second transaction between the parties in the Charlotte MSA and furthers their collective effort to buy multifamily properties in select markets in the Southeast. “This acquisition is a continuation of our multifamily investment strategy in an evolving submarket with positive momentum,” said Chris Saltis at Right North. “We are focused on investments with value creation opportunities and are excited to partner again with such a high-quality partner in Blaze to achieve those objectives.”

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