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).
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.
SOURCE NexPoint Residential Trust, Inc.