DALLAS, TX - Pure Multi-Family REIT announced that it has entered into an agreement to sell Oakchase Apartment Homes, located in Arlington, Texas, a submarket of Dallas-Fort Worth, for gross proceeds of US$17.85 million.
The sale is expected to close on September 2, 2015.
Oakchase is comprised of 236 residential units, situated on 10.2 acres of land and was built in 1984. Pure Multi acquired Oakchase in July 2012 for US$13.6 million.
As part of Pure Multi's commitment to create value for its unitholders through selective dispositions of its Class B assets, Pure Multi anticipates using the net proceeds from this sale to improve the overall quality of the portfolio by acquiring a high-quality Class A property.
Steve Evans, CEO, stated, "Having successfully executed our value-add initiatives at Oakchase, we are excited to capture this value we have created through this profitable sale and we intend to re-invest these proceeds into a newer, higher-quality asset, thus enhancing our overall portfolio."
Pure Multi is a Canadian based, publicly traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.
Source: Pure Multi-Family REIT / #Apartments #Multifamily