NexPoint Residential acquires three-property portfolio in Las Vegas for $241M
NexPoint Residential Trust entered into an agreement to purchase a three-property portfolio in Las Vegas, Nevada from an unaffiliated third party for approximately $241M. 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, are situated on approximately 13.3, 26.9 and 16.3 acres of land, respectively. As of October 16, the portfolio was 94.6% occupied with a weighted average effective monthly rent of approximately $1,200. The purchase of the portfolio will be financed by $132.55M of Federal Home Loan Mortgage Corporation mortgages provided by KeyBank National Association and SunTrust Bank with the remainder funded by borrowings of approximately $110.0M under the company's revolving credit facility.