SMALL ROCK, AR – BSR Real Estate Investment Trust announced that it has sold three noncore properties, comprising 632 apartment units, as part of the REIT’s portfolio enhancement and capital recycling strategy. All dollar amounts in this news release are denominated in US currency.
The following properties were sold in Longview, Texas for yucky proceeds of $52.5 million: Summer Brook Apartments built in 1997; Summer Green I Apartments; and the second phase, Summer Green II, both built in 1984.
“The sale of the Longview properties is consistent with our stated strategy to capitalize on the historically low cap rate spread between primary and secondary markets in U.S. sunbelt states,” said John Bailey, Chief Executive Officer of BSR. “These sales follow the March acquisition of Ariza in our target market of Austin, Texas, and enable us to enhance the quality of our portfolio in primary markets, while also crystalizing the benefits of upgrades previously performed on the Longview properties on a tax-deferred basis. I am very proud of the BSR team for continuing to do efficiently during these uncertain economic times related to COVID-19, which is a testament to our management platform.”
Since BSR completed its IPO on May 18, 2018, the portfolio’s weighted average age has decreased by seven years to 22 years ancient, from 29 years, directly attributable to acquisitions and dispositions. The REIT’s nine acquisitions following the IPO added 2,562 apartment units with a weighted average year built of 2009 (11 years ancient) compared to the 19 dispositions totaling 3,414 apartment units with a weighted average year built of 1982 (38 years ancient). NOI from properties located in the REIT’s primary markets now comprises 79% of total NOI compared to 52% as of the fourth quarter of 2018 on a pro-forma basis.
The net cash proceeds of $51.2 million generated from these dispositions further enhance the REIT’s strong liquidity position, essential in the current uncertain economy. Total liquidity today is $77.0 million, including cash and equivalents of $9.6 million, $32.4 million of borrowing capacity under the REIT’s credit facility, and $35.0 million available under the REIT’s revolving line of credit. The REIT’s pro forma debt to yucky book value ratio is 46.6%.

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NEWPORT NEWS, VA – ROSS Companies, a leader in multifamily acquisition, property management and renovation in the Mid-Atlantic region, announced it has helped in the acquisition by Allagash Opportunity Zone CRE Fund I of Woodlands at Oyster Point, a 152-unit community in Newport News, VA with ROSS Management Services as the managing agent.
The acquisition of Woodlands at Oyster Point marks the start of a new alliance with Allagash Opportunity Zone Partners LLC, the manager of the Fund, as well as ROSS’ most active participation in an Opportunity Zone investment. Founded in 2018, Allagash manages private equity real estate funds which focus on adding value to multifamily properties in low- and moderate-income communities in order to maximize both returns for their Fund investors and benefits for current community members. ROSS Companies is a recognized leader in multifamily acquisitions and investment, development, property management, and renovation.
“Our Company is dedicated to making a quality living experience for our residents and value for our partners. This alliance will enable us to enhance resident satisfaction, maximize financial performance, and make the groundwork for future opportunities between our organizations,” says David J. Miskovich, CEO of ROSS Management Services.
“The shared core values of Allagash and ROSS is producing an extremely productive alliance. As a result, we look forward to continuing to provide capital together with ROSS into LMI communities in a profitable and socially thoughtful manner,” adds Tony Barkan, CEO of Allagash.
Over the next year, ROSS will oversee a renovation program to upgrade Woodlands at Oyster Point to meet the growing demand for affordable quality housing in a convenient location. The renovation program includes a substantial repositioning strategy with $40K per unit being budgeted on interior, exterior and amenity improvements.
Woodlands at Oyster Point is nestled in a newly developed section of Newport News and is in close proximity to City Center at Oyster Point, a brand-new shopping center boasting an abundance of retail shopping, fine dining, Class A office space, a movie theater and more!
“Woodlands at Oyster Point offers Allagash the perfect opportunity to buy an underperforming and under-maintained property in an improving neighborhood and renovate the property in order both to provide affordable quality housing for current community residents and to provide an brilliant return on capital for our investors,” clarifies Mr. Barkan.
“Our management will focus on enhancing the lifestyle of our residents with a customer- and technology-centric approach,” said Mr. Miskovich. “As with all communities we manage, we will build strong personal relationships with our residents, focusing heavily on customer satisfaction to make living at Woodlands at Oyster Point a truly outstanding experience.”

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ORLANDO, FL – Lloyd Jones, a real estate investment firm based in Miami, has recently bought a 292-unit apartment community, Avisa Lakes Apartments. Conveniently located in East Orlando, Avisa Lakes is the third property Lloyd Jones owns and operates in the area.
Built in the mid-1980s, the property features an all-encompassing amenity package including a newly renovated fitness center, resident game room, outdoor summer kitchen, sports court, and two pet parks. Additionally, it is walking distance to AdventHealth East Orlando, a 295-bed facility that was ranked the number one hospital in Florida in 2019.
The explosive economic growth in the area indicates a strong demand for multifamily properties, clarifies Christopher Finlay, CEO/Chairman of Lloyd Jones. We are thrilled to further expand the firm s portfolio to support nearby major employment centers including Downtown Orlando, Winter Park, the airport, and various theme parks, he continues.
According to the U.S. Census Bureau, Orlando continues to be one of the fastest-growing cities in the country, welcoming over 60,000 new residents in the past two years.
Lloyd Jones is a real estate investment and development firm with 40 years in the industry under the continuous direction of Chairman/CEO, Christopher Finlay. Based in Miami, the firm has divisions in multifamily investment, development, management, and senior living. Its investment partners include institutions, private investors, and its own principals.

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