NexPoint Residential Trust Completes Houston Property Acquisition

NexPoint Residential Trust has completed its acquisition of the 924-unit apartment portfolio in Houston, Texas for $108 million.

The acquisition was structured as a reverse 1031 exchange to facilitate the company’s continued plan to recycle capital from dispositions of assets from non-core markets into well-located assets in longer-term target markets.

The acquisition was funded with borrowings of approximately $108 million under its credit facilities with KeyBank National Association (KEY) and Freddie Mac. Additionally, NexPoint expanded its credit facility with Freddie Mac to $300 million under the previously disclosed terms of the credit agreement.

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