DALLAS, Nov. 11, 2019 /PRNewswire/ -- NexPoint
Residential Trust, Inc., ("NXRT" or the "Company"), (NYSE: NXRT)
entered into an agreement (the "Agreement") to purchase a
three-property portfolio in Las Vegas,
Nevada from an unaffiliated third party for approximately
$241 million. The
properties, Bella Solara, a 320-unit property built
in 1989; Bloom, a 528-unit property built in 1989; and
Torreyana, a 315-unit property built in 1997
(collectively, the "Las Vegas 3
Portfolio"), are situated on approximately 13.3, 26.9 and 16.3
acres of land, respectively. As of October
16, 2019, the Las Vegas 3
Portfolio was 94.6% occupied with a weighted average effective
monthly rent of approximately $1,200.
The purchase of the Las Vegas 3
Portfolio will be financed by $132.55
million of Federal Home Loan Mortgage Corporation mortgages
provided by KeyBank National Association and SunTrust Bank with the
remainder funded by borrowings of approximately $110.0 million under the Company's revolving
credit facility.
The purchase of the properties is subject to customary closing
conditions set forth in the Agreement. The Agreement also contains
customary representations and warranties and covenants of the
parties. The purchase of the Las
Vegas 3 Portfolio is expected to close in November. There
can be no assurance that the closing conditions will be satisfied
or that the purchase will be consummated.
A presentation that includes additional information regarding
the purchase of the Las Vegas 3
Portfolio, as well as other company updates, will be posted the
evening of November 11, 2019 under
"News & Presentations" in the Investor Relations section of the
Company's website (www.nexpointliving.com).
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
NexPoint Advisors, L.P., an SEC-registered investment advisor,
which has extensive real estate experience.
Cautionary Notice Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are based on management's current expectations, assumptions
and beliefs. Forward-looking statements can often be identified by
words such as "expect," "intend" and similar expressions, and
variations or negatives of these words. These forward-looking
statements include, but are not limited to, statements regarding
the acquisition of the Las Vegas 3
Portfolio, the financing the Company expects to use to acquire the
Las Vegas 3 Portfolio, and the
expected closing date of the Las
Vegas 3 Portfolio acquisition, if at all. Forward-looking
statements 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 the
Company's Annual Report on Form 10-K for the year ended
December 31, 2018 and the Company's other filings with the
Securities and Exchange Commission for a more complete discussion
of the risks and other factors that could affect any
forward-looking statement. Except as required by law, the Company
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.
Contact:
Jackie
Graham
Investor Relations
972-628-4024
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SOURCE NexPoint Residential Trust, Inc.