Mountain Ranch Apartments in Fayetteville (Provided by BSR REIT)
BSR Real Estate Investment Trust of Little Rock on Monday sold Mountain Ranch Apartments in Fayetteville, its last property in northwest Arkansas, for gross proceeds of $49.5 million.
The publicly traded REIT said the sale price reflects a 27.2% increase in asset value since its IPO in May 2018. The company said it will use the proceeds in targeted primary markets where it has established scale. The northwest Arkansas market is strong, BSR CEO John Bailey said in a news release. Reversion values continue to be attractive and, given our lack of scale there, it made sense to continue to capitalize on the current market conditions, with a view to maximizing unitholder return.