SMALL ROCK, AR – BSR Real Estate Investment Trust announced that it has closed on the acquisition of Towne Park at Har-Ber Apartments in Springdale, Arkansas for $28.9 million. The transaction was funded utilizing BSR’s revolving credit facility. The addition of Towne Park is expected to be accretive to the REIT’s adjusted funds from operations on a per unit basis.

Towne Park, which was constructed in two phases in 2016 and 2017, is a 237-unit multifamily property comprising one, two, and three bedroom apartments and townhomes in the high-growth Northwest Arkansas metropolitan statistical area (“MSA”). The property is the REIT’s second buy in this region in just under two years, following the acquisition of Mountain Ranch Apartments, a 360 unit garden-style complex less than 10 miles away. 

Northwest Arkansas is the fastest growing region of the state and 14th fastest growing MSA in the United States. Towne Park is located less than a 15 mile drive from the headquarters of three Fortune 500 companies including, Walmart. Median household income in Northwest Arkansas rose 8.1% in the past 12 months. In the multifamily space, average lease prices in Northwest Arkansas have increased 18% over the past four years. Multifamily vacancy rates in this MSA currently sit at 3.9%, representing a decrease of 260 basis points over the past four years. 

“We are thrilled to add Towne Park to our portfolio,” said John Bailey, Chief Executive Officer of the REIT. “This acquisition increases our exposure to the fastest growing market in our home state of Arkansas and is consistent with our strategy of clustering properties to maximize operating efficiencies.”

In the past two and a half years, BSR has grown its portfolio by 16% through the acquisition of five properties with a combined 1,394 units. The total unit count for BSR, which completed an IPO just five months ago on the Toronto Stock Exchange, now stands at 10,116 units.

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MIAMI, FL -Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., announced the grand opening of Modera Riverhouse, a luxury apartment community located along the Miami River in the Spring Garden Historic District. 

The community, which features 292 apartment homes and expansive views of the river and Downtown Miami, is conveniently located within moments of Miami’s world-class entertainment, nightlife and art districts. Also situated amidst the city’s largest employment centers in the Miami Health District and Downtown/Brickell Financial District, the community boasts a refined touch with lifestyle-enhancing amenities and apartment features. 

“The Miami market continues to thrive, and we believe Modera Riverhouse is situated in one of the most charismatic locales in the city,” said Jeff Meran, senior managing director of South Florida for Mill Creek Residential. “The river has its own allure, and the skyline views paired with the close proximity to the Health District and Downtown Miami make this community truly one of a kind. We’re ecstatic to welcome our newest residents and offer them an unrivaled experience.” 

Situated at 1170 NW 11th Street, the community consists of three buildings, including an eight-tale wrap with structured parking. Casa Jardin, a historic house located in the community, has been revamped into a refined resident lounge with free Wi-Fi and coffee for residents of Modera Riverhouse. The community boasts close proximity to the Dolphin Expressway and Interstates 95 and 395, which provide connectivity to the entertainment and employment centers across the metropolitan area. 

The site is also six miles from Miami International Airport and approximately three miles from the Miami Worldcenter, a sizable mixed-use development currently under construction. The locale will be home to a convention center, retail, hotel and residential space. Modera Riverhouse residents will have a direct path to the Miami Worldcenter via NW 11thStreet as well as Downtown and Brickell via N River Drive. The community is also within 3.5 miles of Port of Miami and within a 10-minute walk of Marlins Park. 

Modera Riverhouse consists of studio, one-, two- and three-bedroom homes with penthouse and townhome layouts available. The community will feature a wide array of deluxe amenities, including a club-quality fitness studio, yoga/Pilates studio, luxurious rooftop deck with expansive pool, sky lounge and terrace, dog wash and spa, internet lounge, and lush community green space with gathering areas. Residents also have access to package lockers, valet dry cleaning and dedicated bike storage. 

Apartment interiors will offer a variety of upmarket touches, including nine-foot ceilings, breakfast bars, quartz countertops, modern tile backsplashes, chef-quality Energy Star stainless appliances and in-home washers and dryers. Select apartment homes will include spacious walk-in closets, private balconies or patios and stunning river, city or green space views. 

Modera Riverhouse is Mill Creek’s eighth development community in the Miami metropolitan area. Others include Modera Metro Dadeland, Modera Douglas Station and Modera Edgewater.

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GALLATIN, TN – Security Properties and ReCap, a Reinsurance Group of America (RGA) company, bought Stoneridge Farms at the Hunt Club, a 364-unit, Class-B+ garden-style community located in Gallatin, TN for $55,000,000. This is Security Properties’ sixth acquisition in the Nashville MSA.

Gallatin is a suburban community 25 minutes northeast of downtown Nashville. Gallatin is widely recognized as a family friendly destination due to the abundance of natural amenities and fantastic schools. Due to the asset’s location just off of the Nashville Pike, residents can quickly access the regional amenities with relative ease. These notable regional amenities and economic drivers include Ancient Hickory Lake, Downtown Nashville, Nissan Stadium, as well as the Nashville International Airport. Locally, the amenities include Ancient Hickory Lake, Bluegrass Yacht and Country Club, and Streets of Indian Lake, a 250,000 sq. ft. open-air retail center that features a 16-screen Regal Cinemas, Barnes and Noble, as well as a host of other retailers and restaurants.

The asset represents a value-add investment with heavy renovation upside. The units at Stoneridge Farms offer a mix of 1×1, 2×1, 2×2, and 3×2 floorplans. Units currently feature oak, raised panel cabinet doors, laminate counters, a mix of vinyl and carpeting, and faux-stainless appliances. SP will be renovating all unit interiors to a high-end end, consisting of stainless steel appliances, quartz counters, upgraded vinyl and carpeting, and new fixtures.

Tad Johnson, Senior Manager of Investments at Security Properties says, “Stoneridge Farms at the Hunt Club presented a rare opportunity for a full value-add renovation in an early-2000’s vintage product. We are excited to not only be in Sumner County, but also to continue our expansion in the Nashville metro area.”

The property will be managed by Security Properties-affiliate Security Properties Residential.

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