January 4, 2017
Vancouver, BC-headquartered Pure Multi-Family REIT LP started the New Year off by putting another Dallas-area property under contract. The REIT is planning to pay seller BH Management $40 million to acquire the 288-unit Lansbrook at Twin Creeks in Allen, TX.
The Canadian buyer will fund the buy with proceeds from its recent sale of Fairways at Prestonwood, as well as a $16.5 million loan. The five-year loan has a 3.3% interest rate, with the purchase price offering a going-in cap rate of 5.3%. The deal is anticipated to close in late January.
Situated on 18.6 acres at 505 Benton Dr., Lansbrook at Twin Creeks delivered in 2002 and consists of one, two and three-bedroom units, averaging 961 square feet. The average monthly rent is $1,187. Amenities include a business and fitness center, dog park, tennis court, sand volleyball court and swimming pool/spa.
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Tags: Apartments & Multifamily