NexPoint Residential Trust pays $384m for two apartment properties

NexPoint Residential Trust has entered into an agreement to purchase a 1,520-unit multifamily property located in Pembroke Pines, Fla., a suburb of Miami for $322 million.

The seller was an unaffiliated third party.

As of July 29, 2019, the Pembroke Apartments were 96.1 percent occupied with a weighted average effective monthly rent of $1,487.

The purchase of the Pembroke Apartments is expected to close on Aug. 30, 2019.

The company has also entered into an agreement to purchase a 346-unit multifamily property located in Nashville, Tenn., Arbors of Brentwood, from an unaffiliated third party for $62.3 million.