Pure Multi-Family REIT Announces $45.4M Buy

A Canadian REIT buys a Texas asset; and a joint venture comprised of ScanlanKemperBard and an investment fund advised by Wayzata acquire a mixed-use asset in Phoenix.

Irving, Texas—Canadian-based Pure Multi-Family REIT has entered into an agreement to acquire a 560-unit apartment community in Irving, Texas, for $45.4 million. The company simultaneously announced that it entered into an agreement to sell a syndicate of underwriters co-led by National Bank Financial and Canaccord Genuity Corp. for $35 million.

The property is known as Vistas at Hackberry Creek. It consists of 54 buildings on a 24.5-acre site. According to Pure, the going-in cap rate is 6.49 percent. The asset is located in the Las Colinas master-planned development, and is near the Dallas Area Rapid Transit line that opened in 2012. The acquisition is expected to close in early June.

“We are pleased to be adding Vista at Hackberry Creek to our portfolio,” says Stephen Evans, CEO of Pure Mult-Family REIT. “The property is very well located and maintained by its current institutional owner. This acquisition adds significantly to our portfolio of higher quality multifamily properties in the growing Dallas-Fort Worth metroplex, one of our core markets.”

JV buys mixed-use asset in Phoenix

CityNorth

Phoenix—Portland-based private real estate firm ScanlanKemperBard and a private investment fund managed by Wayzata have acquired a 630,000-square-foot mixed-use project in Phoenix through their newly formed venture City North Associates LLC. Holliday Fenoglio Fowler closed the sale of CityCenter of CityNorth on behalf of the seller. Lee & Associates acted as the local market leasing team on the transaction.

The 2008-built asset features 99 condo units, 330,000 square feet of Class A office space and approximately 175,000 square feet of retail (as well as a six-level parking structure). It is part of Phoenix’s Desert Ridge master planned community.