Pure Expands TX Portfolio With $66M Acquisition

Alliance Residential sold Farmers Market Apartments, a 340-unit community in Dallas. The new owner plans to rebrand the property as PURE Farmers Market.

By Razvan Cimpean

Farmers Market Apartments in Dallas

Farmers Market Apartments in Dallas

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

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