The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from CNW Group

Pure Multi-Family REIT LP Announces Contract to Purchase Property for US$22.6 Million

Friday, July 13, 2012

Pure Multi-Family REIT LP Announces Contract to Purchase Property for US$22.6 Million17:16 EDT Friday, July 13, 2012VANCOUVER, July 13, 2012 /CNW/ - Pure Multi-Family REIT LP (the "REIT LP") (TSXV: RUF.U) announced today it has entered into a binding purchase agreement for a Class A multi-family community consisting of 210 residential units located in the Dallas-Fort Worth area, for a total purchase of US$22,600,000.  The purchase is scheduled to close on July 18, 2012.The REIT LP intends to fund the acquisition with equity from its initial public offering that closed on July 10, 2012 ("IPO"). Subsequent to the closing the REIT LP intends to obtain a first mortgage loan in the amount of approximately US$13,600,000 at an estimated interest rate of 3.6% per annum.About Pure Multi-Family REIT LPThe REIT LP is a limited partnership formed under the Limited Partnerships Act (Ontario) to invest in quality multi-family real estate properties in major markets in the United States.  The REIT LP is focused exclusively on investments in multi-family real estate properties in the United States and is currently the only publicly traded vehicle in Canada which offers investors exclusive exposure to U.S. multi-family real estate assets.Additional information about Pure Multi-Family REIT LP is available at THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the policies of the TSX Venture Exchange) HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.For further information: Andrew Greig, Director of Investor Relations Pure Multi-Family REIT LP Suite 910, 925 West Georgia Street Vancouver, BC  V6C 3L2 Phone: (604) 681-5959 or (888) 681-5959 E-mail: