Pure Multi-Family REIT announced that it has entered into an agreement to sell Windscape Apartment Homes, located in Grand Prairie, Texas—a submarket of Dallas-Fort Worth, for gross proceeds of US$10.5 million.  The sale is expected to close in early December 2014.

Windscape is comprised of 154 residential units, situated on 8.5 acres of land and was built in 1985.  Pure Multi acquired Windscape in July 2012 for US$8.4 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.

Pure Multi is a Canadian-based, publically traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.