August 9, 2016
Pure Multi-Family REIT LP, headquartered in Vancouver, BC, has entered into an agreement to sell the 156-unit Fairways at Prestonwood in Dallas. The sales price is $22.8 million, with the transaction anticipated to close by the end of the month.
With the sale, the Canadian REIT will end its three-year hold on the property at 5769 Belt Line Rd. Pure Multi-Family bought Fairways in March 2013 for $17.5 million.
According to CEO Steve Evans, proceeds from the sale of the Class B asset will be reinvested into Class A apartment properties. “Having successfully executed our value-add initiatives at Fairways, we are excited to capture the value we have created through this profitable sale,” he added.
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