The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Pure Multi-Family REIT LP Announces Closing of Two Previously Announced Properties for US$24.6 Million

Wednesday, September 26, 2012

Pure Multi-Family REIT LP Announces Closing of Two Previously Announced Properties for US$24.6 Million20:17 EDT Wednesday, September 26, 2012/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./VANCOUVER, Sept. 26, 2012 /CNW/ - Pure Multi-Family REIT LP ("Pure Multi") (TSXV: RUF.U) announced today the successful closing of two multi-family community apartment properties (the "Acquisitions"), comprising 408 residential units on a combined basis located in the Dallas- Fort Worth Metroplex, for an aggregate purchase price of US$24,569,000.Pure Multi funded the Acquisitions with equity from its initial public offering that closed on July 10, 2012 and first mortgage loans in the aggregate amount of US$15,970,000 for a ten year term at an interest rate of 3.54% per annum. The assets were acquired at an attractive capitalization rate of 7%.Stephen Evans, CEO, stated, "We are excited with the completion of these quality acquisitions.  They increase our footprint in the vibrant Dallas-Fort Worth Metroplex, one of the strongest economies in the U.S. today."About Pure Multi-Family REIT LPPure Multi 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 Pure Multi 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 and 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.SOURCE: Pure Multi-Family REIT LPFor 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: