Press release from CNW Group
Pure Multi-Family REIT LP announces US$16.5 million property acquisition
Monday, July 08, 2013
Pure Multi-Family REIT LP announces US$16.5 million property acquisition18:56 EDT Monday, July 08, 2013
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
VANCOUVER, July 8, 2013 /CNW/ - Pure Multi-Family REIT LP ("Pure Multi") (TSXV: RUF.U) announced today that it has entered into a conditional agreement to acquire a multi-family apartment community located in Dallas, Texas (the "Property"), for a purchase price of US$16,500,000.
The Property, known as Windsong Apartment Homes, consists of 264 residential units located in 18 two and three-story buildings on a 10-acre site. The property was developed in 1986 and has recently undergone several improvements including an office renovation, swimming pool and tennis court resurfacing, the opening of a 24-hour access gym, the addition of an outdoor kitchen adjacent to the swimming pool and a complete repainting of its exterior.
The purchase price of US$16,500,000 represents a going-in capitalization rate of 6.89%. The acquisition of the Property is subject to the satisfaction of customary conditions precedent and is expected to close in late July, 2013, subject to Board approvals.
Pure Multi intends to fund a portion of the purchase price of the Property with cash from Pure Multi's bought deal financing which closed on May 8, 2013, and with the proceeds from a new credit facility.
Steve Evans, CEO, said "We are pleased to be adding Windsong Apartment Homes to the Pure Multi Dallas portfolio. Windsong has been well maintained, and is a steady performer in its peer set, in a location we know well. Windsong has experienced strong occupancy and rental rate growth and is located four miles away from our Fairways at Prestonwood asset."
About Pure Multi-Family REIT LP
Pure Multi is a Canadian based, publically traded vehicle which offers investors exclusive exposure to U.S. multi-family real estate assets. Pure Multi's Units are USD denominated and allow Canadian investors the opportunity to buy into under-valued American hard assets while the Canadian dollar trades near 40 year highs.
Additional information about Pure Multi is available at www.puremultifamily.com or www.sedar.com.
NEITHER 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 LP
For further information:
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