Pure Multi-Family REIT announced the successful and profitable sale of Windsong Apartments located in Dallas, Texas, for gross proceeds of US$22.0 million.
Windsong is comprised of 264 residential units, situated on 10.0 acres of land and was built in 1985. Pure Multi-Family REIT acquired Windsong in July 2013 for US$16.5 million. As part of Pure Multi’s commitment to create value for its unitholders through selective dispositions of its Class B assets, Pure Multi anticipates using the net proceeds from this sale to improve the overall quality of the portfolio by acquiring a high-quality Class A property.
Stephen Evans, CEO stated, “We are very happy to continue to execute on our value-add strategy culminating in the successful sale of Windsong, one of the oldest assets in our portfolio, at a significant profit. Despite having very low leverage on this asset, we achieved an annualized gain on the equity invested of approximately 26 per cent. We are pleased to once again be able to utilize the 1031 like-kind exchange that exists in the U.S., as we intend to re-invest the net proceeds, on a tax-deferred basis, into newer, high quality assets in our target markets, which will enhance the overall quality of our portfolio.”
Pure Multi-Family REIT is a Canadian-based, publicly traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.