Source: BSR Trust / #Apartments #Multifamily
LITTLE ROCK, AR - BSR Trust, a leading owner and operator of garden-style, multifamily communities, announced that it has completed the acquisition of Mountain Ranch Apartments in Fayetteville, AR. The purchase of Mountain Ranch marks BSR's official entry into the Northwest Arkansas market. However, BSR already owns and manages 10 other properties within in the state of Arkansas.
Mountain Ranch was built in 2009 and contains 360 units in a mix of one bedroom, two bedroom and three bedroom floorplans. The upscale garden-style community sits on 15 acres, just across Interstate 49 from the University of Arkansas campus.
Mountain Ranch adds to the growing list of multifamily housing properties owned and managed by the Little Rock based company throughout Texas, Louisiana, Oklahoma, Arkansas and Mississippi. The terms of the deal were not disclosed.
"Mountain Ranch is an outstanding community that we are thrilled to add to the BSR portfolio," said Daniel Oberste, Chief Investment Officer of BSR Trust. "BSR has focused our acquisition growth outside the state of Arkansas in recent years. However, the economic growth story in Northwest Arkansas is impossible to ignore. Further, BSR's corporate offices along with a large chunk of our operating personnel are based in Arkansas. As a result, it makes good business sense for BSR to expand our Arkansas presence at this time. This transaction, together with the other acquisitions and investments made in the past year, are indicators of the growth our company is experiencing and our strategy moving forward."
The new acquisition puts BSR Trust owning and managing just over 9,200 units across its portfolio.