Pure Multi-Family REIT LP has closed its acquisition of Windsong Apartment Homes in Dallas, Texas, for $16.5 million. It was acquired at a going-in capitalization rate of 6.89 per cent.

Windsong is comprised of 18 two-storey and three-storey buildings. It consists of 264 units and 172,172 square feet of net leaseable area.

The multi-family apartment community is located just west of the Dallas North Tollway, inside the new President George Bush Turnpike. It is also in close proximity to several employment centres and shopping centres, including the Shops of Willow Bend, Stonebriar Mall and The Galleria.

“This property has performed well due to its exceptional location, and proximity to transportation hubs and the Legacy Business Park,” says Pure Multi-Family’s CEO, Stephen Evans.

Since its construction in 1986, Windsong has undergone a number of improvements, including an office renovation, swimming pool and tennis court resurfacing, and repainting of the buildings’ exteriors. A 24-hour gym and an outdoor kitchen near the swimming pool have also been added to the complex.

Pure Multi-Family acquired the property indirectly from a wholly owned subsidiary of Sunstone U.S. Opportunity Realty Trust.  As a result of the Windsong acquisition, the REIT’s portfolio now totals 10 multi-family properties situated on 172 acres of land, with 3,104 apartment units in 219 buildings consisting of approximately 2.66 million square feet of rentable space.