Pure Multi-Family REIT LP agreed to purchase a multifamily apartment community consisting of 288 residential units in Dallas, TX, for US$40.0 million, representing a going-in capitalization rate of 5.3%.

The company plans to use proceeds from the sale of the Fairways at Prestonwood property in Dallas and new first mortgage financing of roughly US$16.5 million to fund the transaction, set to be completed late January 2017.

The first mortgage financing is expected to bear an annual fixed interest rate of 3.27% for a five-year term.

The latest acquisition takes the REIT's portfolio to an aggregate of 5,793 residential units across 17 multifamily assets on a total of 310 acres.