BSR Trust, LLC, an owner and operator of multi-family properties in the southeastern and south central United States, announces the acquisition of Heritage at Hillcrest Apartment Homes, located at 1200 Broodmoor Dr in Austin, Texas.
For Additional Information Contact: Blake Brazeal, President Lona Peterson, Community Development Director www.bsrtrust.com (334) 954-4458
FOR IMMEDIATE RELEASE May 15, 2013 BSR Trust, LLC ANNOUNCES THE ACQUISITION OF THE HERITAGE AT HILLCREST IN AUSTIN, TEXAS. BSR Trust, LLC, an owner and operator of multi-family properties in the southeastern and south central United States, announces the acquisition of Heritage at Hillcrest Apartment Homes, located at 1200 Broodmoor Dr in Austin, Texas. Heritage at Hillcrest is a 286-unit garden-style community on 9.6 acres in Central Austin. The property was constructed in 1969 but received over $5 million in renovations in 2009. Unit amenities include upgraded appliances, designer lighting, new cabinetry and countertops, faux-wood flooring, energy star appliances and microwaves. Building amenities include private balconies and patios, three swimming pools, four active laundry facilities, clubhouse, and a business center. BSR has targeted the Greater Austin metropolitan area for our market-rate acquisitions. This January, Austin ranked #1 on Forbes’ list of “America’s 20 Fastest Growing Cities.” Forbes cites, among other factors, a business-friendly regulatory environment as the generator of such growth. Austin’s jobfostering regulatory environment, the significant involvement of Austin’s private sector through “Opportunity Austin,” and the region’s attractive lifestyle have all helped Austin create 34,600 jobs last year, 12,400 alone during the 4Q. Permanent financing for the Property will be a Freddie Mac loan originated by Oak Grove Capital. Ellen Muskin, president of Muskin Commercial, LLC and Daniel Elam, senior associate represented the Seller in the transaction. “Heritage is a high quality product, with below market rents, located only a few minutes from downtown, the Mueller Redevelopment Project, Dell Children’s Hospital and the future University of Texas Medical School. We believe this investment in the Austin community will be a strong one for years to come.” Rainer Andrews, Senior Acquisitions Officer, BSR Trust. This is the first market property for BSR in the Austin MSA, although BSR also owns two affordable properties in the area, Marshall Apartments and Elm Ridge Apartments. BSR Trust, LLC is an owner and operator of 115 properties with approximately 19,000 units located in ten states.