Dallas Multifamily Under Contract for $23M

Pure Multi-Family REIT LP, headquartered in Vancouver, BC, has entered into an agreement to sell the 156-unit Fairways at Prestonwood in Dallas. The sales price is $22.8 million, with the transaction anticipated to close by the end of the month.

With the sale, the Canadian REIT will end its three-year hold on the property at 5769 Belt Line Rd. Pure Multi-Family bought Fairways in March 2013 for $17.5 million.

According to CEO Steve Evans, proceeds from the sale of the Class B asset will be reinvested into Class A apartment properties. “Having successfully executed our value-add initiatives at Fairways, we are excited to capture the value we have created through this profitable sale,” he added.

Join multifamily experts on September 15 at Connect Apartments to learn the latest industry news and trends!

For comments, questions or concerns, please contact Amy Sorter