AvalonBay Communities, Inc. (NYSE: AVB) announced Thursday that it is under contract with BSR Real Estate Investment Trust (TSX: HOM.U and HOM.UN), and its operating subsidiary, BSR Trust, LLC, to acquire two apartment communities in the Austin metropolitan area, and that it has entered into an agreement with BSR REIT, BSR Trust, and certain holders of Class B Units of BSR Trust to acquire six apartment communities in the Dallas-Fort Worth metropolitan area.

A statement noted acquisition of the Austin Assets is expected to close on or around March 31, 2025, for an aggregate purchase price of $187.0 million in cash, funded with disposition proceeds, and is subject to customary closing conditions.

It also noted acquisition of the Dallas Portfolio is expected to close in the second quarter of 2025 for a stated aggregate purchase price of $431.5 million, which will take the form of a cash payment of approximately $193.0 million, a portion of which will be used by BSR Trust for the repayment of existing indebtedness relating to the Dallas Portfolio with the remainder used for the repayment of other indebtedness, payment of transaction expenses and general corporate purposes, and the issuance to participating holders of BSR Class B Units of approximately $238.5 million of DownREIT Units, valued at $225 per unit, in a newly formed subsidiary partnership of the company. The closing of the Dallas Portfolio is subject to customary closing conditions and to the participation of additional holders of BSR Class B Units.