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Tuesday, 02 July 2019

NexPoint Selling Apartment Portfolio for $289.9Mln, Buying 2 Properties for $100Mln

The Dallas REIT has agreed to sell six apartment properties with 2,218 units in five Sunbelt states for $289.9 million, or $130,703/unit. Meanwhile, it is buying two properties with 702 units in Florida and Tennessee for $100 million, or $142,450/unit. It's also negotiating to buy three additional properties, but those deals are not under contract.

Commercial Real Estate Direct Staff Report

NexPoint Residential Trust has agreed to sell six apartment properties with 2,218 units in five Sunbelt states for $289.9 million, or $130,703/unit.

The Dallas REIT plans on using some of the proceeds from the sale to acquire properties as part of tax-deferred exchanges. So far, it has agreed to purchase two properties with 702 units in Florida and Tennessee for $100 million, or $142,450/unit. Also, it is in talks to buy three additional properties with 2,378 units in Miami, Nashville, Tenn., and Phoenix for about $475 million, although those deals are not yet under contract.

The properties NexPoint is selling serve as collateral for $144.9 million of Freddie Mac debt that is part of four CMBS deals: $101.3 million is securitized through FREMF, 2017-K36; $17.8 million is in FREMF, 2018-KF49; $16.9 million is securitized through FREMF, 2018-KF53; and $8.9 million is in FREMF, 2017-KF35.

The properties and their debt consist of:

- Edgewater at Sandy Springs, with 760 units at 7600 Roswell Road in the Atlanta suburb of...


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