AvalonBay Communities to acquire eight apartment communities from BSR Real Estate for $619m.

AvalonBay Communities, a publicly traded real estate investment trust, agreed to acquire eight apartment communities in the Austin and Dallas-Fort Worth metropolitan area, from BSR Real Estate, an internally-managed real estate investment trust, for $619m. “This transaction will double the size of our portfolio in our Texas Expansion Regions at a time when assets can be acquired at a compelling basis relative to today’s construction costs, with assets that are strongly aligned with our portfolio allocation priorities. The assets are suburban garden communities with an average age of 11 years, providing a strong complement to our current and planned development activity with rents at a more affordable price point, and allowing for increased operating synergies as we increase our scale in these high-growth regions," Matthew Birenbaum, AvalonBay Chief Investment Officer.