A Vancouver-based Canadian real estate investment trust has agreed to purchase a multi-family community in Dallas, TX for US$66,350,000.
Pure Multi-Family REIT LP has entered in an agreement to acquire Broadstone Farmers Market Apartments, located at 835 South Good Latimer Expressway. The property is an institutional-quality, multi-family site with 340 suites with an average size of 824 square feet. The complex was developed in 2016, adjacent to the 26,000-square-foot Dallas Farmer Market.
The community includes a pool lounge, fitness centre, social club and outdoor gourmet kitchen.
"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,” said Stephen Evan, Pure REIT CEO. “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."
Pure REIT specializes in resort-style apartment acquisitions in the U.S. market, namely Arizona and Texas. As of June 30, 2017, Pure holds $961.68 million in investment property assets.
The Dallas sale is expected to close in October 2017.
