DFW Community Trades for $40M
The 288-unit property was acquired with proceeds from a previous sale and a new $16.5 million mortgage loan.
Allen, Texas—Pure Multi-Family REIT LP recently announced the acquisition of Lansbrook, a 288-unit community located in the Allen submarket of Dallas. The asset traded for $40 million.
The purchase was funded with proceeds from the previous sale of Fairways at Prestonwood, closed by the company in November 2016, and a new $16.5 million mortgage loan with a fixed-rate of 3.27 percent per year, for a term of five years. The acquisition price represents a stabilized going-in capitalization rate of 5.3 percent.
Located at 505 Benton Drive on an 18.6-acre site, the 276,708-square-foot Lansbrook was completed in 2002 and offers one-, two- and three-bedroom floor plans at an average of 961 square feet. The two- and three-story buildings are situated along Benton Drive and in close proximity to US routes 75 and 121.
According to Yardi Matrix data, the property was acquired by BH Equities in 2008 for $25.2 million. The community features a fitness and a business center, a clubhouse, spa, one swimming pool, a volleyball court and offers ample grade-level and covered parking. Apartment amenities include high-speed internet access, washer and dryer in all units, above standard ceilings and fireplaces in selected units.
“The Lansbrook acquisition demonstrates our ability to execute once again on our value-add strategy while achieving solid cash flow in a highly desirable market,” said Steve Evans, CEO of Pure Multi-Family, in a prepared statement. The company’s portfolio currently consists of 17 communities totaling 5,793 residential units.
Image courtesy of Yardi Matrix