Canadian REIT Puts 180-Unit Plano MF Under Contract

Pure Multi-Family REIT LP entered into an agreement to sell Livingston Apartments in Plano, TX for $34.3 million. The sale is scheduled for a late October closing. The buyer was not disclosed.

Built in 1998 and situated on close to 12 acres at 6301 Windhaven Pkwy., Livingston Apartments represented a value-add opportunity when the Vancouver, BC-based REIT acquired the asset in August 2013 for $25.5 million from Sunstone Apartments.

“Having successfully executed our value-add initiatives at Livingston, we are excited to capture this value we have created through this profitable sale, and we intend to re-invest these proceeds in a timely manner into another quality asset,” said Steve Evans with Pure Multi-Family REIT.

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