DALLAS, TX - Pure Multi-Family REIT announced that it has entered into an agreement to acquire Farmers Market Apartments, a multi-family apartment community, located in Dallas, Texas for a purchase price of $66.35 million.
Farmers Market is located at 835 South Good Latimer Expressway. Developed in 2016, the property is an institutional quality multi-family asset comprising 340 units with an average unit size of 824 square feet. Unit interiors feature high-end amenities such as gas stoves, designer cabinetry, spacious walk-in closets, stainless steel appliances, and lockers for package delivery. Farmers Market also features an urban oasis pool lounge, fitness centre, social club, outdoor gourmet kitchen with expansive grilling station, bicycle rentals, and electric vehicle charging stations.
The property is located adjacent to the newly transformed Dallas Farmers Market, a 26,000 square foot open-air farmer's pavilion offering local seasonal produce, naturally raised meats, eggs, cheeses, and other goods from local food artisans.
Stephen Evans, Pure Multi-Family's CEO, stated "Farmers Market Apartments is an exciting live, work and play asset in a core setting, just minutes away from the Dallas Central Business District, the largest employment centre in North Texas. The adjacent Dallas Farmers Market has recently undergone a $65 million renovation, adding restaurants and evening entertainment venues, and the Deep Ellum entertainment district is minutes away, featuring over one hundred popular restaurants, bars and entertainment venues."
The acquisition of Farmers Market is subject to the satisfaction of customary conditions precedent and is expected to close in early October 2017. Pure Multi-Family intends to fund a portion of the purchase price of Farmers Market with cash on hand and new first mortgage financing.
Pure Multi-Family is a Canadian based, publicly traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.