### AvalonBay Acquires Eight Texas Apartment Communities for $618.5M
AvalonBay Communities has entered into an agreement to acquire eight apartment communities across Texas, comprising 857 units in the Austin metropolitan area and 1,844 units in the Dallas-Fort Worth region. The Austin properties were purchased for $187 million, while the DFW assets were acquired for $431.5 million. The seller of the portfolio is BSR REIT.
Matthew Birenbaum of AvalonBay highlighted the strategic value of the acquisition, stating, “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, these properties allow for increased operating synergies as we expand our scale in these high-growth regions.”
Key metrics for the eight acquired communities include:
– **Market Cap Rate:** Projected to be in the high 4% range.
– **Average Price Per Unit:** Approximately $229,000.
– **Weighted Average Rent:** $1,675 per month.
This acquisition enhances AvalonBay’s footprint in Texas, aligning with its strategic vision for growth in high-demand suburban locations.
