BSR Real Estate Investment Trust announced that it has purchased two recently constructed communities, Forayna Vintage Park and Botanic Luxury, each located in the Houston, Texas MSA, for $141 million.
Forayna Vintage Park Apartments, constructed in 2023, features 350 apartment units, including one, two, and three-bedroom suites. Amenities include a saltwater pool with sun shelves, cabanas, grilling stations, a movie theater, a two-story fitness center, a cyber lounge, a golf simulator, and a pet spa. Based in the Vintage Park development of Northwest Houston, Forayna is located next to dining, shopping, entertainment, and outdoor recreational options, with quick and convenient access to the Grand Parkway.
Botanic Luxury Apartments was completed in Spring, Texas, in 2023. Botanic comprises 288 apartment units, including one, two, and three-bedroom suites. Amenities include a saltwater pool with sun shelf, a cabana porch, grilling stations, a modern clubhouse, game areas, a two-story fitness center, a yoga room, a cyber lounge, a conference room, a movie theater, and a pet spa. Botanic is well situated near several schools and employers, including Spring ISD, Lone Star College, ExxonMobil Headquarters, Hewlett-Packard Enterprise, and Amazon, with quick access to Grand Parkway and North Freeway/I-45.
With the closing of Forayna Vintage Park and Botanic Luxury, BSR now has 25 properties consisting of 6,802 apartment units.
KEY QUOTES:
“We have wasted no time finding two high-quality assets that complement our portfolio, enhance the REIT’s growth profile, and allow us to accretively redeploy a portion of the proceeds from our recent sale of nine stabilized properties. Forayna Vintage Park and Botanic Luxury are both well positioned to benefit from the BSR operating platform and drive growth for our unitholders. By adding these communities, we have quickly executed on a significant portion of the strategy we presented to the market in the first quarter of the year.”
Dan Oberste, BSR’s Chief Executive Officer
