Pure Multi-Family REIT LP (“Pure Multi-Family”) announced the successful closing of the 288 unit multi-family apartment community (“Lansbrook”), located in the Allen for a purchase price of US$40.0 million.
About the community:
- Lansbrook was constructed in 2002 and consists of 288 residential units averaging about 961 square feet.
- Lansbrook is situated in the Allen Independent School District, and easily accessible as it is positioned along Benton Drive just a few minutes from the Central Expressway (US Route 75) and the US Route 121 interchange, one of the most heavily traveled interchanges in Far North Dallas.
Pure Multi-Family funded the purchase of Lansbrook with proceeds from the profitable sale of Fairways at Prestonwood, which closed on November 17, 2016, and new first mortgage financing in the amount of US$16.5 million.
Steve Evans is the CEO of Pure Multi-Family.
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