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Stock impact report

AVB acquires 8 Texas properties for more than $600M [Yahoo! Finance]

AvalonBay Communities, Inc. (AVB) 
Last avalonbay communities, inc. earnings: 2/5 04:15 pm Check Earnings Report
US:NYSE Investor Relations: investors.avalonbay.com
Company Research Source: Yahoo! Finance
Dive Brief: In a move to add more properties to its expansion Sun Belt markets, AvalonBay Communities announced Thursday that it is under contract to acquire eight properties in Texas from entities associated with Little Rock, Arkansas-based owner BSR Real Estate Investment Trust, according to a news release The Arlington, Virginia-based REIT is acquiring two properties in the Austin, Texas, metropolitan area from BSR REIT and its operating subsidiary, BSR Trust, for $187 million. The sale is expected to close on or around March 31. In addition, AVB entered into an agreement with BSR REIT, BSR Trust and certain holders of Class B units of BSR Trust to purchase six properties in the Dallas-Fort Worth metropolitan area for $431.5 million. The sale is expected to close in the second quarter. Dive Insight: With the acquisition of the eight properties, AVB has doubled the size of its portfolio in Texas. “The assets are suburban garden communities with an average age of 11 year Show less Read more
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