Pure Multi-Family REIT Acquires 368-Unit Apartment Community in Dallas Sub-Market for $71 Million

Pure Multi-Family REIT Acquires 368-Unit Apartment Community in Dallas Sub-Market for $71 Million

DALLAS, TX - Pure Multi-Family REIT LP announced that it has entered into an agreement to acquire a 368 unit Class "AA" luxury apartment community, located in the Oak Lawn sub-market of Dallas, Texas, for a purchase price of $71.0 million.

The Property, located at 4210 Fairmount Street, Dallas, Texas, was constructed in 2015 and consists of 368 luxury apartments averaging 829 square feet. The Property is a unique Class "AA" trophy property in a prime, infill location.

Developed by a well-known Texas and national real estate developer, this distinct property features market-leading unit interior finishes and amenities rarely found in competitive properties, including: a dog park, a dog wash station, a community grill, bocce areas, wine racks, keyless entry, spa showers, Sonos audio technology packages, electric vehicle charging stations, a professional wellness studio with CrossFit inspired equipment and more.

Positioned in the Maple/Oak Lawn neighborhood, the Property gives residents access to some of the trendiest and most fashionable areas in Dallas for young professionals. This urban destination features a truly unique setting in one of the city's most vibrant locations that is filled with restaurants, bars and entertainment destinations.

The Property is situated in the heart of the very desirable Maple/Oak Lawn neighborhood that is experiencing significant growth. This trendy pocket, just east of the Dallas North Tollway, is in the process of undergoing a massive transformation that includes the development of the Maple Avenue Restaurant District, construction of high-end single family homes and townhome style condos, and an increasing affluent demographic base.

The purchase price of $71.0 million represents a stabilized going-in capitalization rate of 5.27%. The acquisition of the Property is subject to the satisfaction of customary conditions precedent and is expected to close in mid-September, 2016. Pure Multi-Family intends to fund a portion of the purchase price of the Property with cash from Pure Multi-Family's recently announced property dispositions, its equity financing completed in July, 2016, and new mortgage financing.

Steve Evans, CEO, said, "We continue to improve the quality and age of our portfolio with opportunistic sales of our older properties, such as the recently announced profitable sale of Fairways, the net proceeds from which are expected to be used to acquire this brand new luxury asset. The Oak Lawn sub-market is one of the highest demand sub-markets for young professionals in Uptown Dallas, featuring easy access to major traffic arteries, employment centres and retail and entertainment districts. The property is an exceptional newly-constructed luxury property that attracts young professionals, and features attention to detail that is unrivaled in the marketplace. We believe the combination of high demand for the Oak Lawn district and the property's unparalleled high-end amenities will position the property extremely well for future growth."

Source: Pure Multi-Family REIT / #Apartments #Multifamily

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