DALLAS, TX – Pure Multi-Family REIT LP announced that it has entered into an agreement to buy a 368 unit Class “AA” luxury apartment community, located in the Oak Lawn sub-market of Dallas, Texas, for a buy price of $71.0 million.

The Property, located at 4210 Fairmount Street, Dallas, Texas, was constructed in 2015 and consists of 368 luxury apartments averaging 829 square feet. The Property is a unique Class “AA” trophy property in a prime, infill location.

Developed by a well-known Texas and national real estate developer, this distinct property features market-leading unit interior finishes and amenities rarely found in competitive properties, including: a dog park, a dog wash station, a community grill, bocce areas, wine racks, keyless entry, spa showers, Sonos audio technology packages, electric vehicle charging stations, a professional wellness studio with CrossFit inspired equipment and more.

Positioned in the Maple/Oak Lawn neighborhood, the Property gives residents access to some of the trendiest and most fashionable areas in Dallas for young professionals. This urban destination features a truly unique setting in one of the city’s most vibrant locations that is filled with restaurants, bars and entertainment destinations.

The Property is situated in the heart of the very desirable Maple/Oak Lawn neighborhood that is experiencing significant growth. This trendy pocket, just east of the Dallas North Tollway, is in the process of undergoing a massive transformation that includes the development of the Maple Avenue Restaurant District, construction of high-end single family homes and townhome style condos, and an increasing affluent demographic base.

The buy price of $71.0 million represents a stabilized going-in capitalization rate of 5.27%. The acquisition of the Property is subject to the satisfaction of customary conditions precedent and is expected to close in mid-September, 2016. Pure Multi-Family intends to fund a part of the buy price of the Property with cash from Pure Multi-Family’s recently announced property dispositions, its equity financing completed in July, 2016, and new mortgage financing.

Steve Evans, CEO, said, “We continue to improve the quality and age of our portfolio with opportunistic sales of our older properties, such as the recently announced profitable sale of Fairways, the net proceeds from which are expected to be used to buy this groundbreaking new luxury asset. The Oak Lawn sub-market is one of the highest demand sub-markets for young professionals in Uptown Dallas, featuring simple access to major traffic arteries, employment centres and retail and entertainment districts. The property is an exceptional newly-constructed luxury property that attracts young professionals, and features attention to detail that is unrivaled in the marketplace. We believe the combination of high demand for the Oak Lawn district and the property’s unparalleled high-end amenities will position the property extremely well for future growth.”

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SMALL ROCK, AR – Abode Properties announced it successfully assumed the HUD ensured loan associated with the Metropolitan apartments in Small Rock, Arkansas, and are now the owners and operators. Metropolitan is a luxury 260 unit mid-rise community featuring one, two, and three bedroom units. The community provides an upscale, urban living experience with alluring riverfront and downtown views.

“Abode Properties is excited to add the Metropolitan to its portfolio. It’s an absolutely breathtaking complex with outstanding amenities and simple access to all of the wonderful attractions in Small Rock and surrounding area,” commented Daniel J. Moos, Chairman and CEO of Abode Properties. “With views of the Arkansas River, proximity to the River Market District and simple commute to Bill and Hillary Clinton National Airport, the property is in the perfect location for its residents to take advantage of Small Rock’s active and vibrant community.”

Metropolitan offers an extensive menu of amenities which include two resort style pools, courtyards, a recreation and billiards room, 24 hour fitness center, internet coffee café, as well as garage parking and onsite security. Each unit boasts granite countertops, alarm systems, walk-in closets, and full size washer and dryers.

Small Rock was ranked one of the Top 65 “Best Cities to Start a Career” in 2015. “Though this is an impressive ranking, we firmly believe Small Rock is one of the upper tier cities in the nation for starting one’s career,” added Mr. Moos. The area continues to experience strong job growth and was also named the “Most Livable City” in 2014.

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SAN DIEGO, CA – JLL Income Property Trust, an institutionally-managed, daily valued perpetual life real estate investment trust, announced the acquisition of Dylan Point Loma in San Diego. The property is a newly-developed, ultra-luxury 180 unit coastal apartment community that is walking distance from the Pacific Ocean. With no new apartments developed in this market within the last 30 years, Dylan Point Loma sets a new standard for luxury living with exceptional tenant amenities. The buy price was approximately $90 million and was financed at approximately 45 percent loan-to-value with a ten year fixed rate loan at 3.83 percent.

LaSalle ranks the San Diego downtown and coastal close-in apartment market as one of the top five target markets for core apartment investing in the U.S. This market is perennially among the most supply constrained in the U.S. where vacancies have averaged below 4 percent during the past ten years, compared to the national average apartment vacancy of 5.5 percent. San Diego is also a top-ranking market in terms of rent growth and LaSalle’s Market Tracking System forecasts continued strong rent growth driven by low vacancies, steady job growth in San Diego’s technology, tourism, biotech and defense sectors, and limited new construction. Currently, San Diego has one of the lowest apartment vacancy rates in the country at 2.5 percent, with vacancies in the Point Loma submarket reaching 2 percent.

“Dylan Point Loma exemplifies our core apartment investment strategy,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “We committed to this investment over a year ago and will complete the property’s lease up in keeping with our “lease to core” apartment strategy. This property’s in-fill coastal location, extraordinary community amenities, designer architecture and barriers to new competition make it an brilliant addition to our growing portfolio of diversified core, income-producing properties around the country.

“This is our seventh investment in the multifamily property sector bringing our apartment allocation to approximately $370 million in yucky assets and 20 percent of our overall investment portfolio,” Swaringen added. “After being underweight in apartments from 2012 to 2014 and also executing a timely exit from the student housing sector, we are now rebuilding this as a meaningful component of our portfolio.”

Dylan Point Loma’s designer-selected, resort-inspired amenities make the perfect ambience for luxury apartment living in San Diego. Its upscale townhome residences with attached garages, 6,000 square foot community clubhouse, resort-style saltwater pool and spa with cabanas and luxury lounges, fitness equipment, volleyball court, barbeque areas, gorgeous landscaping and plentiful open spaces provide an exclusive resort community atmosphere unique to the northern beachfront neighborhoods of San Diego.

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