August 15, 2016
Pure Multi-Family REIT LP entered into a definitive agreement with Trammell Crow Residential (TCR) to acquire the 368-unit Alexan Fairmount apartment community in Dallas’ Oak Lawn submarket. The $71-million transaction is anticipated to close next month. TCR developed the asset at 4210 Fairmount St. The average apartment size is 829 square feet.
The Canadian buyer released details of the new contract days after striking a deal to sell the Fairways at Prestonwood, also in Dallas. REIT CEO Steve Evans 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.”
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Tags: Apartments & Multifamily