Montgomery, Ala.-based Summit Housing Partners LLC and Little Rock, Ark.-based Bailey Properties LLC have merged to form a new company called BSR Trust.
According to the companies, the merger creates a $1 billion multifamily entity that includes 18,689 units at 111 communities in 10 southeastern states plus Texas and Oklahoma. BSR Trust contains a portfolio of both affordable and market housing.
Daniel Hughes, CEO of Summit Housing Partners, will serve as the CEO of BSR Trust. John Bailey, CEO of Bailey Properties, will serve on the company's board of directors and the finance committee.
‘Both Summit and Bailey were profitable operating companies that were not under any financial or operating distress, so neither company had to enter into this transaction,’ says Hughes. ‘We are pleased to announce this merger of two industry leaders to create a stronger company with a focus to provide an exceptional living experience for the residents while building value for our shareholders.’