DALLAS, Oct. 2, 2017 /PRNewswire/ -- NexPoint Residential Trust, Inc. (NYSE: NXRT) today announced that on September 29, 2017 it sold The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls for a cumulative gross sales price of $116.0 million. The properties, which the Company classified as held for sale as of June 30, 2017, were sold as a four-property portfolio to an unaffiliated third party.
The Company will use the net proceeds from these dispositions, approximately $62.6 million after the repayment of first mortgage debt obligations and other closing costs, to pay down short-term debt incurred on June 30, 2017 and used to acquire Rockledge Apartments and to finance a portion of the BH Buyout. The closing of these sales also completed the reverse 1031 exchange initiated to acquire Rockledge Apartments.
About NexPoint Residential Trust, Inc.
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 Highland Capital Management, L.P., a leading global alternative asset manager and an SEC-registered investment adviser. More information about NXRT is available at http://www.nexpointliving.com.
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 "will," "expect," "anticipate," "intend" and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding the expected use of proceeds from property dispositions. They 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 most recent Annual Report on Form 10-K and 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 statements. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
Financial Relations Board
SOURCE NexPoint Residential Trust, Inc.