IRVING, TX – Pure Multi-Family REIT announced that it has entered into an agreement to acquire La Villita, a multi-family apartment community located in Irving, Texas, for a purchase price of $48.8 million.
La Villita is a luxury Class A apartment community centrally located between Dallas and Fort Worth in the prestigious master-planned community of Las Colinas, which is strategically located among the headquarters of many Fortune 500 companies.
Completed in 2007, La Villita is a luxury Class A, 306-unit, garden-style apartment community that has been maintained to institutional-owner standards and has significant value appreciation opportunities.
Stephen Evans, Pure Multi-Family’s CEO, stated, “With the acquisition of La Villita, we are adding another great asset to our very strong Dallas portfolio. We plan to continue to implement our prudent balance sheet management strategy in this transaction by using approximately 50% loan-to-value mortgage financing.”
The acquisition of La Villita is subject to the satisfaction of customary conditions precedent and is expected to close in early July, 2017. Pure Multi-Family intends to fund a portion of the purchase price of La Villita with cash from its equity financing completed in April, 2017, and new first mortgage financing.
Pure Multi-Family is a Canadian based, publicly traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.