BSR REIT has purchased the Ownsby Apartments in Celina, Texas, part of the Dallas–Fort Worth metro area, for $87.5 million.

“The addition of another high quality, newly developed lease-up property in a fast-growing Texas submarket is the perfect complement to our portfolio,” said Dan Oberste, CEO of BSR. “The Ownsby will be another example of a community that can benefit from the BSR platform’s proven ability to maximize value through predictable rotations into best-in-class investments in Texas.”

Completed earlier this year, the Ownsby includes 368 apartment units ranging from one to three bedrooms. Features include ceilings up to 10 feet high, quartz countertops, walk-in showers, gourmet kitchens and direct access garages. Amenities offered are a resort-style pool, movie theatre, modern fitness centre, golf simulator, private offices, bike storage and a pet spa.

Celina was the fastest growing city in the United States in 2023, according to the U.S. Census Bureau, expanding by 19% in the year ending July 2024. The property provides convenient access to the Dallas Parkway and major employers such as Toyota, PGA of America, Baylor Medical Center, American Airlines and AT&T, said the REIT.

Toronto-based BSR owns and manages a portfolio of multi-family residential properties in primary markets across the Sunbelt region of the U.S.