DALLAS, TX – Pure Multi-Family REIT announced that it has entered into an agreement to buy Farmers Market Apartments, a multi-family apartment community, located in Dallas, Texas for a buy price of $66.35 million.

Farmers Market is located at 835 South Excellent Latimer Expressway.  Developed in 2016, the property is an institutional quality multi-family asset comprising 340 units with an average unit size of 824 square feet. Unit interiors feature high-end amenities such as gas stoves, designer cabinetry, spacious walk-in closets, stainless steel appliances, and lockers for package delivery. Farmers Market also features an urban oasis pool lounge, fitness centre, social club, outdoor gourmet kitchen with expansive grilling station, bicycle rentals, and electric vehicle charging stations.

The property is located adjacent to the newly transformed Dallas Farmers Market, a 26,000 square foot open-air farmer’s pavilion offering local seasonal produce, naturally raised meats, eggs, cheeses, and other goods from local food artisans.

Stephen Evans, Pure Multi-Family’s CEO, stated “Farmers Market Apartments is an exciting live, work and play asset in a core setting, just minutes away from the Dallas Central Business District, the largest employment centre in North Texas. The adjacent Dallas Farmers Market has recently undergone a $65 million renovation, adding restaurants and evening entertainment venues, and the Deep Ellum entertainment district is minutes away, featuring over one hundred well loved restaurants, bars and entertainment venues.”

The acquisition of Farmers Market is subject to the satisfaction of customary conditions precedent and is expected to close in early October 2017. Pure Multi-Family intends to fund a part of the buy price of Farmers Market with cash on hand 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.

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PHOENIX, AZ – Roxborough Fund I, an affiliate of San Francisco-based real estate investment firm The Roxborough Group, completed the acquisition of Park Ridge Apartments located in Phoenix, Arizona. Deal terms remain undisclosed.

The 168-unit apartment complex is located in the Paradise Valley submarket, one of the more desirable, infill submarkets of Phoenix that offers exceptional demographics, superior public schools and high barriers to entry with no new units currently plotted or under construction in the surrounding area.

The property’s location is adjacent to 2.8 million square feet of retail and restaurants including the 1.2 million square foot, Paradise Valley Mall. In addition, the property benefits from convenient access to major regional employment centers via freeways 51 and 101 and sits within a 10-mile radius of over 350,000 jobs.

“We are excited our first acquisition in Phoenix is in a coveted, amenity rich, infill location and is priced at a significant discount to replacement cost,” said Senior Vice President of The Roxborough Group, Matt McCormick. “With no new supply in the immediate area, we believe the asset is well positioned to take advantage of Phoenix’s strong forecasted employment and population growth.”

Roxborough has retained Phoenix-based Alliance Residential Company (“Alliance”), one of the premier multifamily property managers in the U.S., as a third-party manager. A full repositioning of the asset is plotted and includes a rebranding under the Alliance “Broadstone” name, upgrading the common areas, installing in-unit washer and dryers and renovating the unit interiors.

The business plot will improve an underperforming asset to better capitalize on the strengthening market while remaining at a discount to competitive products. Both Roxborough and Alliance’s multifamily experience will be critical to the execution of the overall business plot.

“This acquisition fits well with our existing portfolio of multifamily assets that target tenants seeking superior product at an affordable price point,” added McCormick. “As the western U.S. continues to confront a shortage of housing, we will seek opportunities in infill locations that have access to jobs, quality schools and provide affordable rents.”

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PLYMOUTH, MN – IRET announced that it bought Park Place Apartments for $92.3 million.  This 500-unit multifamily community is located in the highly desirable Twin Cities submarket of Plymouth, Minnesota.

“This acquisition demonstrates our commitment to our stated strategy of adding multifamily properties, making operational efficiencies, and deepening our presence in the Twin Cities market,” stated Mark O. Decker, Jr., President and CEO.  “The inherent demand and demographics within this submarket coupled with limited new supply allows us to capitalize on additional revenue generating opportunities that we believe will translate into sustainable and growing cash flows within our multifamily portfolio.”

Originally built in 1985, Park Place Apartments boasts a tranquil sprawling garden setting across 32 acres.  The property is currently over 95% occupied and has approximately 571,000 rentable square feet within four apartment buildings.  One additional building serves as the property’s clubhouse.  Other amenities include in-unit washers and dryers, private patios/balconies, state-of-the-art fitness center, business center, two swimming pools, tennis courts, playground, picnic/grill areas, and heated underground parking.

Park Place is located in the city of Plymouth, a premier suburban community located 10 miles northwest of downtown Minneapolis.  Nationally recognized for its quality of life, Plymouth offers:

Proximity to major employers, which include Cargill, Carlson Companies, General Mills, The Mosaic Company and St. Jude Medical;

Award winning school district – Wayzata schools is the preferred school district due to superior academics and athletic teams;

Nearby restaurants, shopping, and entertainment venues; and

Access to extensive trails and parks as well as diverse recreation programs.

Plymouth is the third largest suburb of the Minneapolis-Saint Paul MSA, the 16th largest metropolitan area in the U.S. with approximately 3.3 million residents.

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