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