DALLAS, July 10, 2017 /PRNewswire/ -- NexPoint
Residential Trust, Inc. (NYSE:NXRT) announces the acquisition of a
708-unit apartment community in Marietta,
Georgia. Management has published more information on the
merits of this acquisition in an investor presentation at the
Investor Relations section of the NXRT website at
www.nexpointliving.com.
On June 30, 2017, NexPoint
Residential Trust, Inc. (the "Company"), through its operating
partnership, NexPoint Residential Trust Operating Partnership, L.P.
("NXRT OP"), acquired the property, Rockledge – A Residential Resort
("Rockledge"), from an
unaffiliated third-party for approximately $113.5 million. Rockledge consists of 708 units situated on
78.1 acres of contiguous land within Atlanta's second largest Class A Office
submarket (Cumberland/Galleria), approximately one mile from the
new Atlanta Braves stadium (Sun Trust Park), with direct access to
the Chattahoochee River National Recreation Area. Originally
developed in three phases by Post Properties, Rockledge had average monthly rents of
$1,153 and 93.6% physical occupancy
at acquisition.
The Rockledge acquisition was
structured as a reverse 1031 exchange to facilitate the Company's
continued plan to recycle capital in a tax efficient manner from
dispositions of its rehabbed assets into well-located,
"covered-land" assets with value-add potential in the Company's
core target markets. The Company funded the purchase price with
cash on hand, and borrowings of approximately $113.5 million under a bridge facility with
KeyBank National Association, and a new first mortgage with the
Federal Home Loan Mortgage Corporation, which the Company entered
into, through NXRT OP, on June 30,
2017. Following the completion of the reverse 1031 exchange,
management expects the Rockledge
loan-to-value ratio to stabilize at approximately 55%.
Supplemental Information
Supplemental information on the Company's recent transaction
activity will be included in an investor presentation that can be
found in the Investor Relations section of the Company's website at
www.nexpointliving.com. Our filings with the Securities and
Exchange Commission are filed under the registrant name of NexPoint
Residential Trust, Inc.
About NXRT
NexPoint Residential Trust is a publicly traded REIT, with its
shares listed on the New York Stock Exchange under the symbol
"NXRT," primarily focused on acquiring, owning and operating
well-located middle-income multifamily properties with "value-add"
potential in large cities and suburban submarkets of large cities,
primarily in the Southeastern and Southwestern United States. 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 www.nexpointliving.com.
In this release, "we," "us," "our," the "Company," "NexPoint
Residential Trust," and "NXRT" each refer to NexPoint Residential
Trust, Inc., a Maryland
corporation.
Contact:
Marilynn
Meek
Financial Relations Board
212-827-3773
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SOURCE NexPoint Residential Trust, Inc.