Pure Multi-Family REIT Acquires Texas Multifamily Community
Vancouver-based Pure Multi-Family REIT has closed on its acquisition of a 288-unit Dallas-area multifamily community for U.S.$40M. The community, Lansbrook, in rapidly growing Allen, Texas, was built in 2002 and has value-add potential, the trust said. Median household income in Allen is $105,679, 75% greater than Dallas-Fort Worth's median income, according to the firm. Upon completion of the acquisition, Pure Multi-Family's portfolio will include 17 multifamily properties with 5,793 residential units.