Pure Multi-Family REIT LP announces it has entered into an agreement to sell Windsong Apartments for US$22.0 million
VANCOUVER, Dec. 8, 2015 (Canada NewsWire via COMTEX) -- Pure Multi- Family REIT LP ("Pure Multi") (RUF.U)(RUF.UN)(otcqx:PMULF) today announced that it has entered into an agreement to sell Windsong Apartments ("Windsong"), located in Dallas, Texas, for gross proceeds of US$22.0 million. The sale is expected to close on or around December 28, 2015. Windsong is comprised of 264 residential units, situated on 10.0 acres of land and was built in 1985. Pure Multi acquired Windsong in July 2013 for US$16.5 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. Steve Evans, CEO, stated, "Having successfully executed our value-add initiatives at Windsong, we are excited to capture this value we have created through this profitabl...