HOUSTON, TX – BSR Real Estate Investment Trust announced that it has bought Broadstone Park West, a 370 suite, garden style residential community in Houston, Texas for US$51 million from Starlight Investments.
The transaction was financed through a combination of a draw on the REIT’s credit facility of approximately US$40.0 million and the issuance of approximately US$10.4 million of trust units of the REIT at US$12.25 per unit, net of prorations. Debt to yucky book value is 49.8% and the REIT has US$54.5 million in liquidity after the buy. The addition of the Property is expected to be immediately accretive to the REIT’s adjusted funds from operations (“AFFO”) on a per unit basis.
Broadstone was constructed in 2014 in the Houston metropolitan statistical area (“MSA”), the fifth largest MSA in the United States and home to 21 Fortune 500 companies. The Property has numerous amenities including a clubhouse, fitness center, resort-style swimming pool with sun deck, garages, and a dog park. The REIT now owns 2,332 apartment units in the Houston MSA, where BSR has been operating for 20 years.
“The acquisition of Broadstone is another example of BSR growing according to our defined clustering strategy,” stated John Bailey, BSR’s Chief Executive Officer. “Broadstone is an attractive asset with the newer amenities that our residents want. We will add value to the Property by applying it to our internal management platform, as we have done with other properties bought since our IPO.”
The buy of Broadstone marks the eleventh property acquisition for BSR since completing its initial public offering (the “IPO”) on the Toronto Stock Exchange in May 2018. Other post-IPO acquisitions included Satori at Long Meadow Apartments constructed in 2019 and also in the Houston MSA. In the Austin MSA, acquisitions included Ariza at Plum Creek, Retreat at Wolf Ranch, Cielo, and Madrone Apartments. In the Dallas-Fort Worth MSA, acquisitions included Wimberly, Auberry at Twin Creeks, and Riverhill Apartments. Additional acquisitions were Brandon Place Apartments in Oklahoma City, OK and Towne Park at Har-ber Apartments in the Northwest Arkansas MSA. These acquisitions have added 3,235 apartment units to the REIT’s portfolio with an average age of ten years compared to the 20 dispositions to-date which total 3,666 apartment units and an average of age of 38 years.

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CINCINNATI, OH – Gardner Capital, a family-owned private equity firm specializing in multifamily housing and renewable energy development and investment, has completed a LEED-certified senior housing community in Cincinnati. Combining affordability and architectural significance, Roselawn Gardens includes 50 senior apartments, offered with rents ranging from 30 to 60 percent of the area median income based on the Low-Incoming Housing Tax Credit affordable housing program.
In addition to Gardner Capital, Roselawn Gardens was developed in conjunction with the Cincinnati Metropolitan Housing Authority and the Ohio Housing Finance Agency as well as financial partners Fifth Third Bank and Stratford Capital. Arco Construction served as the general contractor for the project.
“We brought together a group of partners in Ohioand across the country that are dedicated to affordable housing for senior living and we look forward to continuing to increase our presence and investment in the Cincinnati and Columbusmarkets,” said Michael Gardner, President and CEO of Gardner Capital. “We were thrilled to earn LEED certification while making a gorgeous and comfortable environment for seniors in and around Cincinnati.”
The 50 units include 11 one-bedroom apartments and 39 two-bedroom apartments, all of which are LEED Silver certified, based on green building strategies and sustainable materials used. Apartment amenities include meal service, a media room, a health and wellness clinic, public transportation, a community room and more. Roselawn Gardens is managed by Wallick Communities.

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WATERBURY, CT – In keeping with its mission to preserve affordable housing, national not-for-profit The NHP Foundation ( NHPF ) announced that it has bought Waterbury, CT, senior affordable property, Exchange Place Tower. The original construction of the building was made possible with rental help support from the U.S. Department of Housing and Urban Development and its residents continue to benefit from the rental help program.
The NHP Foundation will perform extensive renovations on the 150-unit property, including remodeling kitchens, bathrooms, new energy efficient windows, accessibility improvements and installation of fixtures that use less electricity and water.
Quality, service-enriched affordable housing for seniors has always been a priority for NHPF, but never more so than now as our country continues to battle the pandemic and keep its citizens healthfully housed, said Richard Burns, President & CEO of NHPF. Exchange Place has facilities that allow for on-site healthcare activities, like wellness visits. This fits with the need and value The NHP Foundation sees in combining and coordinating affordable housing with healthcare services.
Additionally, as part of the renovation, Exchange Place Tower will become more sustainable. Eversource, the regional energy utility is assisting in converting the property from an oil-fired heating and hot water system to a new, highly energy efficient natural gas fired system.
The NHP Foundation greatly appreciates Eversource s cooperation and support in greening this property, added Patrick Fry, Sr. Vice President, NHPF. The conversion to natural gas and improved energy efficiency will lower operating costs and reduce air pollution.
The acquisition and renovation of the property are being financed through a combination of an FHA-insured mortgage loan, a State of Connecticut Department of Housing low interest loan, Waterbury Housing Authority bonds to be repaid by the Property and private investment from the sale of federal low income housing tax credits allocated by the Connecticut Housing Finance Authority and bought by PNC Bank.
The NHP Foundation bought the property and is renovating in conjunction with Urban Atlantic. This is the second tax credit renovation project NHPF has done with Urban Atlantic.

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