DALLAS--(BUSINESS WIRE)--
NexPoint Residential Trust, Inc. (NYSE: NXRT) ("NXRT"), a real estate
investment trust (“REIT”) focused on multifamily real property,
announced today that it has acquired an apartment community located in
West Palm Beach, Florida, for a purchase price of $21,000,000.
The property, known as Bayberry, was constructed in 1986 and 1987 and
consists of 222 one- and two-bedroom residential units. The community
offers amenities including a clubhouse with a seating lounge, a pool
area with a sundeck, an updated fitness center, two lighted tennis
courts, an outdoor lounge and barbecue area and a car care center.
Bayberry is located near several dynamic employment markets spread
across downtown West Palm Beach, North Palm Beach and Boca Raton.
NXRT plans to implement a capital expenditure program consisting of
significant interior and exterior improvements, including enhanced
exterior lighting, improved landscaping and new unit fixtures and
flooring. Matt McGraner, NXRT’s Executive VP and Chief Investment
Officer, said, “We believe Bayberry will make an excellent addition to
NXRT’s portfolio. West Palm Beach is a highly desirable submarket with
strong fundamentals, and Bayberry represents a perfect fit for NXRT’s
value-add strategy.”
Acquisition Funding
As part of the purchase consideration for Bayberry, NXRT has entered
into a new $12.6 million floating rate mortgage, with 48 months of
interest only at an interest rate of 1.80% over 30-day LIBOR maturing in
March 2022. The balance of the purchase price was funded using the
NXRT's available unrestricted cash.
About NexPoint Residential Trust, Inc.
NexPoint Residential Trust, Inc. is a publicly traded REIT, with its
shares listed on the New York Stock Exchange under the symbol “NXRT,”
primarily focused on directly or indirectly acquiring, owning, operating
and selectively developing well-located Class A and B multifamily
properties with “value-add” potential in large cities and suburban
submarkets of large cities, primarily in the Southeastern United States
and Texas. NXRT is externally advised by NexPoint Real Estate Advisors,
L.P., an affiliate of Highland Capital Management, L.P., a leading
global alternative asset manager and an SEC-registered investment
adviser. More information about NXRT is available at http://www.NexPointLiving.com.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based on
management's current expectations, assumptions and beliefs.
Forward-looking statements can often be identified by words such as
"will,” “plans” and similar expressions, and variations or negatives of
these words. These forward-looking statements include, but are not
limited to, statements regarding NXRT’s business and operations. They
are not guarantees of future results and are subject to risks,
uncertainties and assumptions that could cause actual results to differ
materially from those expressed in any forward-looking statement.
Readers should not place undue reliance on any forward-looking
statements and are encouraged to review NXRT’s final information
statement and NXRT’s Form 10 registration statement, filed with the SEC,
for a more complete discussion of the risks and other factors that could
affect any forward-looking statements. Except as required by the federal
securities laws, NXRT does not undertake any obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events, changing circumstances or any other
reason after the date of this press release, except as required by law.
Highland Capital Management, L.P.
Investor Relations:
Brian
Mitts, 972-419-2556
[email protected]
or
Public
Relations:
Daniel Martin, 972-419-6293
[email protected]
Source: NexPoint Residential Trust, Inc.