Tuesday, August 16, 2016

Canadian investor paying $71 million for Oak Lawn apartment community

The Alexan Fairmount apartments opened last year off Maple Avenue. 





















A Canadian investor is forking over $71 million to buy a new Oak Lawn apartment community.
Vancouver-based Pure Multi-Family REIT LP said it is buying the 368 unit Alexan Fairmount apartments located just off Maple Avenue.
Built by developer Trammell Crow Residential, the project at 4210 Fairmount Street opened last year.
The purchase is scheduled to close next month.
Holliday Fenoglio Fowler LP marketed the building for sale.
Rents in the property average almost $1,600 a month. The property is more than 85 percent leased.
"The property is an exceptional newly-constructed luxury property that attracts young professionals, and features attention to detail that is unrivaled in the marketplace," said Pure Multi-family CEO Steve Evans. " We believe the combination of high demand for the Oak Lawn district and the property's unparalleled high-end amenities will position the property extremely well for future growth."
The Canadian investor owns nine other apartment communities in North Texas.
Most of its holdings are in the Dallas area, Houston and Phoenix.
Written by Steve Brown/Dallas Morning News