SMALL ROCK, AR – The expansive Overbrook Apartment Community that has been a fixture of the North Small Rock Arkansas resident community is about to look a lot different. Small Rock based BSR Trust, LLC is investing nearly four million dollars renovating the property, which consists of 440 apartment homes in the heart of North Small Rock on JFK Boulevard. Construction started in late June and will continue through September 2016.

“BSR Trust may have grown far beyond the state’s borders in recent years, but our roots are here in central Arkansas, and Overbrook Apartments is one of the original flagship properties of our portfolio.” said Daniel Oberste, Chief Investment Officer of BSR Trust. “We saw an opportunity at Overbrook to layer community reinvestment on top of our existing growth strategy and enhance one of our core properties. The result will be a modernized community, at a competitive price point, in the heart of North Small Rock offering amenities typically found at newer builds on the periphery of a city.”

Overbrook Apartments has a broad mix of one, two, and three-bedroom apartment homes. Some apartments are even multi tale and have amenities like private porches, and garages. Between leases in 2016 these residences are receiving new appliances, countertops, fixtures, lighting, flooring, paint, porch railings and other improvements. But these renovations are not limited to the apartments alone. Common area additions include the following amenities: Dog Park, playground, pavilion, outdoor grilling area, sports court, private access gate and building exterior improvements. BSR has also chose to use three acres of undeveloped land adjacent to the property to add a nature trail for residents.

“This investment is a response to what customers in the multifamily industry demand,” Oberste continued. “But, Overbrook is not new construction on land we remember that was once the edge of our city. This is reinvestment in an already fantastic property centrally located in heart of our community. This investment allows us to meet our business objectives and improve the North Small Rock community at the same time.”

For more information on Overbrook Apartments visit www.overbrookapthome.com.

BSR Trust, LLC 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, the resulting company owns and manages nearly 9,000 apartment homes across 45 properties in five states. BSR Trust, LLC employs over 250 team members across its operations. 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.

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GREENFIELD, MA – Congress Building, a full service construction firm based in Peabody, Massachusetts, recently completed renovations of Greenfield Acres, a state-of-the-art, nine-tale, Senior Living and Independent Living community located at Congress Street in Greenfield, Massachusetts.

Owned by Greenfield Acres, LLC of Peabody, Massachusetts, and operated by PCE Management, affiliates of the Congress Companies, Greenfield Acres was designed by Siemasko & Verbridge Architects of Beverly, Massachusetts. The 86,000 square foot, senior living community features 94 bright and spacious apartments and common areas that include comfortable lounges, a computer lab, an exercise area, an outdoor patio for seasonal dining, and other signature high standard amenities designed to keep residents engaged and active.

Greenfield Acres was completed under a cutting edge financing program including a collaborative effort of MassHousing, HUD and the U.S. Treasury.

“We are proud and appreciative of our continued relationship and the projects we have accomplished with valued business partners MassHousing, HUD, and Siemasko & Verbridge. Congress is proud of its track record with HUD and MassHousing, having completed over 30 successful projects with the agencies. The Greenfield Acres project is another successful, collaborative effort that the entire team can be proud of,” said William A. Nicholson, Congress CEO.

“The Congress Companies was one of the first in Massachusetts to use this new financing platform because they were committed to maintaining affordability at Greenfield Acres and making extensive property improvements for the senior citizens who live there,’’ said MassHousing Executive Director Timothy C. Sullivan. “We are very pleased that their collaboration with MassHousing, HUD, the Department of the Treasury and the Federal Financing Bank has resulted in Greenfield Acres being an vital housing resource in Greenfield for many years to follow.’’

“This project redefines the delivery and financing vehicles available for agency financed senior housing to be improved and brought up to state of the art status. We are grateful for HUD and MassHousing’s continued success in a high quality community such as Greenfield. We further are appreciative of the Town of Greenfield’s continued support and cooperation. They have been fantastic to work with,” Nicholson added.

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MINOT, ND – Investors Real Estate Trust, a real estate investment trust focusing on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest, announced that it has entered into six separate sales agreements with several affiliates of Edgewood Senior Living for the plotted disposition of 26 of the Company’s senior housing properties, and one multifamily property, for a total of approximately $236.0 million. 

Affiliates of the buyers currently lease 25 of the 26 senior housing properties from the Company.  The Company expects these sales to close in calendar 2017.  These sales are in addition to the previously-announced exercise of buy options by affiliates of the buyers, who are current tenants, to buy 8 senior housing properties the Company owns in Idaho for a total of approximately $43.5 million.  If all of these transactions close, the Company will have completely disposed of its senior housing portfolio for a total of approximately $279.5 million.

“The sale of our senior housing properties is a significant step in our efforts to transform IRET into a pure play multifamily company,” stated Chief Executive Officer Tim Mihalick.  “As we go forward, these transactions unlock significant value within our portfolio and provide capital for new investments, while we enhance our operating platform, strengthen our balance sheet and drive cash flow.  We remain excited about our pipeline of opportunities, focusing on our long term strategic growth objective to drive long term value for our shareholders.”

Investors Real Estate Trust (IRET) focuses on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest.  As of April 30, 2016, the Company owned interests in 146 properties, consisting of: (1) 99 multifamily properties consisting of 12,950 units, and (2) 47 commercial properties, including 31 healthcare properties, containing a total of approximately 2.9 million square feet of leasable space. 

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