Pure Multi-Family REIT announced the successful and profitable sale of Livingston Apartments, located in Plano, Texas, for gross proceeds of US $34.3 million, or US$190,555 per apartment unit.
Built in 1998, Livingston is comprised of 180 residential units and is situated on 11.8 acres of land. Pure Multi-Family acquired Livingston in August 2013 for US $25.5 million.
“We are pleased to have achieved an annualized gain on the equity invested of approximately 35 per cent,” said Stephen Evans, Pure Multi-Family’s CEO. “We intend to utilize the 1031 like-kind exchange to reinvest the net proceeds, on a tax-deferred basis, as part of our capital recycling initiatives. Pure Multi-Family continues to divest select non-core assets on an opportunistic basis and intends to reinvest the net proceeds into newer, high quality Class A assets in its target markets, to reduce the average age and improve the overall quality of its portfolio.”
About Pure Multi-Family REIT
Pure Multi-Family is a Canadian based, publically traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets. Additional information about Pure Multi-Family is available at www.puremultifamily.com or www.sedar.com