NexPoint Residential Trust, (NYSE:NXRT) entered into an agreement (the Agreement) to purchase a three-property portfolio in Las Vegas
On Monday NexPoint Residential Trust, (NYSE:NXRT) stock traded volume of 136531 shares during its last trading session as compared to its average volume of 156892 shares over the recent month. NXRT ended its day with the up stream along the move of 1.07% and closed at the price of $46.47 before opening at $46.23. It has total market capitalization is $1163330010. 52 week range of the stock remained $ 33.1 – 50.67 while its day lowest price was $45.54 and its hit its day highest price at $46.91
On Nov. 11, 2019, NexPoint Residential Trust, (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.
Christopher Pacheco has worked as financial analyst until his retirement. He is a well-known research director and portfolio manager for more than 5 years. After many years in the market, he dedicated all his time to write articles highlighting different financial problems.
Christopher Pacheco holds a postgraduate degree in Software Engineering from Canada. ‘The stock market is filled with individuals who know the price of everything, but the value of nothing.’ Christopher is a share market expert, being personally invested for over 6 years. He believes the most valuable nugget of wisdom for new investors is a quote from Phillip Fisher. He has been writing his entire life, and while he has made a career of business and finance reporting, he still enjoys writing short stories and poetry.
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