Benefit Street Partners Multifamily Trust, Inc. Acquires 390-Unit Multifamily Community in Carrollton, Texas
Benefit Street Partners Multifamily Trust, Inc. ("BSPMT" or "the Fund"), an open-ended, continuously offered, multifamily REIT, announced the acquisition of Olympus on Broadway, a 390-unit class A multifamily apartment community in Carrollton, Texas.
Olympus on Broadway, now rebranded as LYV Broadway, is a newly constructed transit-oriented multifamily community in the heart of Historic Downtown Carrollton, Texas and is composed of studios, one- and two-bedroom units. The highly amenitized asset offers cutting edge luxury with quartz countertops, stainless steel appliances, a dynamic two-story fitness center, resort style pool, and multiple lounge and courtyard spaces for relaxing, entertaining, or working. The property also offers 6,048 square feet of live-work space providing residents an opportunity to connect with the neighborhood and the larger Carrollton community. The property's location is within walking distance to lively neighborhood dining and entertainment destinations as well as the Downtown Carrollton DART Station.
"The Olympus on Broadway transaction represents exactly what BSPMT is targeting for acquisitions: a class A asset in an established, growing metropolitan area in Dallas and within one of the leading submarkets experiencing strong rent growth," said Mike Comparato, Head of Real Estate at Benefit Street Partners.
About Benefit Street Partners Multifamily Trust, Inc.
Benefit Street Partners Multifamily Trust, Inc. is an open-ended, continuously offered, multifamily fud utilizing a REIT structure. It is designed to offer accredited investors access to multifamily real estate via investment in an institutionally managed private fund. Its core multifamily investment strategy focuses on delivering total return throughout all economic cycles.
BSPMT seeks residential property acquisitions via outright cash purchases and/or through UPREIT (Umbrella Partnership REIT) transactions. UPREITs provide a tax-deferred exit strategy for owners of real estate who might otherwise recognize a significant taxable gain in a cash sale of a highly appreciated property with a low tax basis. These transactions enable the property owner to exchange owned real estate for an interest in a professionally managed portfolio that is diversified by geography and property type.
About Benefit Street Partners
Benefit Street Partners L.L.C is a leading credit-focused alternative asset management firm with over $33 billion in assets under management as of June 30, 2021. BSP manages assets across a broad range of complementary credit strategies, including private/opportunistic debt, structured credit, high yield, special situations, and commercial real estate. Based in New York, the BSP platform was established in 2008. For further information, please visit www.benefitstreetpartners.com.
BSP, an SEC (News - Alert) registered investment advisor, is a wholly owned subsidiary of Franklin Resources, Inc. that, together with its various subsidiaries, operates as Franklin Templeton. BSPMT is managed by BSP. Registration with the SEC does not imply a certain level of skill or training and does not mean the SEC has approved of the services of the investment adviser.
BSPMT remains open for investment by accredited investors only. Offers to sell interests in BSPMT are made exclusively through BSPMT's Private Placement Memorandum ("PPM (News - Alert)"). Offers, solicitations, and sales are not made in jurisdictions where not lawful or prohibited. An investment in BSPMT's securities involves significant risks. Before deciding to invest in BSPMT, prospective investors should pay attention to the risk factors found in the PPM. There can be no assurance that an investment will be able to implement its investment strategy and achieve its investment objectives.
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