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Pure Multi-Family REIT strikes US$40M multifamily deal in Austin, Texas

Pure Multi-Family REIT LP agreed to buy the Lenox Creekside luxury apartment community in Austin, Texas, for US$40.0 million, marking its first foray into the market.

The purchase price equates to a 5.58% stabilized going-in cap rate, and the company plans to finance the acquisition with proceeds from the recent sale of its Livingston Apartments property and roughly US$20.0 million in new first-mortgage financing.

The transaction, which should be finalized in late January 2017, will bring the company's portfolio to 16 multifamily properties totaling 5,505 units.

The newly built multifamily community sits on more than 13 acres of land and contains 276 units with an average area of 828 square feet.