Pure Multi-family REIT LP announces contract to purchase property for US$17.5 million

Pure Multi-Family REIT LP (Pure Multi) announced it has entered into an agreement to acquire a multi-family apartment community, referred to as Laguna Luxury Apartments (Laguna), comprising 156 residential units located in the Dallas-Fort Worth Metroplex, for a purchase price of US$17,500,000.
Pure Multi intends to fund the acquisition of Laguna with equity from its bought deal offering that closed on October 18, 2012.  The acquisition of Laguna is expected to close in mid-March 2013.
Laguna is located in North Dallas, Texas.  Built in 1991, Laguna offers appealing golf course views from many units as the asset adjoins the Prestonwood Country Club golf course.  It is within close proximity to five of North Dallas' top employment centers, including the Platinum Corridor, I-635 LBJ Freeway West Corridor, Legacy Business Park, Dallas CBD, and Central Expressway's Telecom Corridor, which together offer a critical mass of company headquarters and major operations. Laguna is a gated community that offers an exceptional amenity package including a state-of-the-art fitness center, a resort-style swimming pool with large deck area, attached,  detached, and direct-access garages, 9' to 14' ceilings, crown molding, ceiling fans in all living and bedrooms, and full-size washer/dryer connections in all units.

on February 7, 2013