Pure Expands TX Portfolio With $66M Acquisition
- Oct 10, 2017
Pure Multi-Family REIT acquired Farmers Market Apartments from Alliance Residential Co. The 340-unit Dallas community changed hands for $66.4 million. The sale was subject to a $33.5 million loan from New York Life Insurance Co.
Located at 835 S. Good Latimer Expressway, the multifamily asset offers easy access to interstates 30 and 345. The three-building property consists of one- and two-bedroom apartments ranging from 600 to 1,739 square feet. According to Yardi Matrix data, rents at Farmers Market Apartments start at $1,262 and go up to $3,115 as of August, when the community was 82.6 percent occupied. The new owner plans to rebrand the property as PURE Farmers Market. Community amenities include a fitness center, a business center, a swimming pool, a spa and more than 600 parking spaces.
Earlier this year, Pure Multi-Family REIT also acquired Lenox Creekside, a 276-unit Austin market-rate community.
Image courtesy of Pure Multi-Family REIT