BSR Real Estate Investment Trust has sold Mountain Ranch Apartments in Fayetteville, the last property it owned in Northwest Arkansas.
The $49.5 million sale price reflects a 27.2% increase in the property's value over the past three years, the company said.
With the sale, BSR said it will focus on growing in markets where it has scale: the Austin, Dallas and Houston areas in Texas and in Oklahoma City. Since going public in 2018, BSR has pursued selling off older properties in non-core markets and buying newer apartment complexes in the growing Sun Belt region.
"The Northwest Arkansas market is strong," stated John Bailey, BSR's chief executive officer. "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."
The Little Rock company owns and manages 7,844 apartment units in 29 investment properties. Shares of BSR are traded on the Toronto Stock Exchange.