Canada-based Pure Multi-Family REIT has announced its conditional agreement to acquire multi-family apartment community Walker Commons in Houston, Texas. Once confirmed, the community will be purchased for $43.8 million U.S.

The community was built in 2008 and features 12 two- and three-storey buildings containing 352 units. Situated in League City, a suburb of Houston, the nearly 19-acre property includes a clubhouse, athletic centre, swimming pool, outdoor living room with a fireplace and poolside cabana.

“Walker Commons renews the weighted average age of our portfolio by nearly two years (from 1993 to 1995),”says Steve Evans, CEO of Pure Multi-Family REIT.  “(It) is situated in the dynamic suburban Houston submarket of League City that continues to benefit from very robust job and population growth along the main transportation corridor between Galveston and the Port of Houston.”

The purchase price of $43.8 million represents a capitalization rate of 6 per cent. Subject to board approvals, the acquisition is expected to close in late June 2014.