by Evelina Croitoru
Dallas—Canada-based Pure Multi-Family REIT LP has entered into an agreement to sell Livingston Apartments in Plano, Texas, for gross proceeds of $34.3 million.
Built in 1998, the 180-unit community at 6301 Windhaven Parkway spreads across 11.8 acres. The REIT purchased the property in August 2013 for $25.5 million, at a roughly 5 percent cap rate.
The deal marks the company’s third disposition this year, following the sale of two other Texas communities, including Fairways at Prestonwood and Windsong Apartments. The company plans to reinvest the net proceeds from this deal into other assets, which falls in line with the firm’s commitment to create value for its unit holders through selective dispositions.
“Having successfully executed our value-add initiatives at Livingston, we are excited to capture this value we have created through this profitable sale and we intend to re-invest these proceeds in a timely manner into another quality asset,” Steve Evans, CEO, stated in prepared remarks.
The sale is expected to close by the end of October 2016.
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