Canadian-based Pure Multi-Family REIT LP (Pure Multi) has completed the sale of a 408-unit Texas apartment for $27.95-million U.S. Located at 2015 Randy Snow Rd. in a submarket of Dallas-Fort Worth, known as Arlington, the Sunset Point Apartments (Sunset Point) community was constructed in 1983.
Sunset Point consists of one and two-bedroom units ranging from 518 to 950 square feet in size. All units feature large walk-in closets and private balconies with outside storage. Several apartments also include wood-burning fireplaces, faux wood blinds and separate dining areas.
Residents have access to a range of community amenities, such as 24-hour emergency maintenance, limited access gates, covered parking, clothes care centres, a business centre with high-speed internet, and three swimming pools, one of which includes an area with wireless internet access.
Sunset Point is located in Arlington’s entertainment district, minutes from sporting venues, theme parks, stores, restaurants and major highways. Using proceeds from the sale, Pure Multi plans to upgrade its portfolio with the acquisition of a Class A property.
“Once again we have executed on our value-add strategy culminating in the successful sale of Sunset Point, at a compelling profit, with an estimated average annualized return on equity invested of over 22%,” says Stephen Evans, Pure Multi CEO. “The sale of Sunset Point, together with the recently completed sale of Windscape Apartment Homes, represents the profitable sale of two of our oldest assets. We intend to use the net proceeds from such sales, together with the U.S. tax-free rollover, to acquire newer high quality assets to strategically improve our portfolio.”