BSR REIT sells Ark. property for $32M

BSR Real Estate Investment Trust recently sold the Towne Park at Har-Ber property in the northwest Arkansas metropolitan statistical area for $31.7 million.

The Canada-based multifamily landlord said in its latest earnings release that the buyer of the property assumed $18.8 million of mortgage debt, leaving $12.3 million in net cash proceeds and the avoidance of $5.8 million in prepayment premiums to the REIT.

As of Feb. 28, BSR incurred about $100,000 in expenses related to the winter storms and freeze damage in Texas, Arkansas and Oklahoma. The company expects that the total storm damage-related costs will not exceed $300,000.

In January and February, the REIT received 99% of monthly revenue, in line with the historical average.