DALLAS, March 26, 2020 /PRNewswire/ -- NexPoint Residential Trust, Inc. ("NXRT" or the "Company") (NYSE: NXRT) announced today the closing of the sale of two properties in Nashville, TN, Willow Grove, a 244- unit property built in 1973, and Woodbridge, a 220-unit property built in 1980. The properties are situated on approximately 18.12 and 18.601 acres of land, respectively. As of March 25, 2020, the properties were 95.04% occupied with a weighted average effective monthly rent of approximately $1,037. Net proceeds from the sale were approximately $33.1M, based on a blended nominal cap rate of 5.0%. Management anticipates using the net proceeds from the sales for liquidity, general corporate purposes and share repurchases as part of NXRT's updated stock repurchase program that was announced on March 13, 2020.
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 disposition of the Nashville properties and the expected usage of proceeds from the sale, 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, 2019 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.