Canadian REIT Solidifies DFW Presence with 340-Unit Acquisition

Pure Multi-Family REIT LP acquired the 340-unit Farmers Market Apartments (previously known as the Broadstone Farmers Market Apartments ) in downtown Dallas. The Vancouver REIT paid $66.4 million to Alliance, the asset’s owner and developer. The project at 835 S. Good Latimer Expwy. delivered in 2016.

The REIT funded the acquisition with proceeds from an equity offering and $33.5 million in mortgage financing. The 12-year loan has a fixed interest rate of 3.7%. The apartment complex is adjacent to the 26,000-square-foot Dallas Farmers Market, and is close to the CBD.

Pure Multi-Family REIT has acquired a variety of DFW properties over the past year, including assets in Allen, Irving and Richardson, TX, as well as various properties in Dallas.

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