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Canadian Buyer Continues TX Push with 264 Units Under Contract

DALLAS-Following the close of complexes in Houston and Dallas, Pure Multi-Family REIT readies to buy Windsong Apartments. The REIT likes cap rates on US multifamily properties, and wants more in the southwest.

By Amy Wolff Sorter | Updated on July 15, 2013

DALLAS-A handful of weeks after the successful close of the 216-unit Boulevard at Deer Park in Houston and the 560-unit Vistas at Hackberry Creek, Pure Multi-Family REIT LP has entered into an agreement to acquire the 264-unit Windsong Apartments. If all goes according to plan, the Vancouver, BC REIT will close on the $16.5 million transaction later this month.

Located at 17717 Vail St. in far north Dallas, the complex was developed in 1986 and recently underwent renovations to the office, swimming pool and tennis courts. According to a press release from the Canadian REIT, the purchase price represents a cap rate of 6.89%; the buyer will finance the transaction with cash and proceeds from a new credit facility.

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