Pure Multi-family REIT LP announces contract to purchase property for US$17.5 million
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VANCOUVER, Feb. 7, 2013 /CNW/ - Pure Multi-Family REIT LP ("Pure Multi") (TSXV: RUF.U) announced today it has entered into an agreement to acquire a multi-family apartment community, referred to as Laguna Luxury Apartments ("Laguna"), comprising 156 residential units located in the Dallas-Fort Worth Metroplex, for a purchase price of US$17,500,000.
Pure Multi intends to fund the acquisition of Laguna with equity from its bought deal offering that closed on October 18, 2012. The acquisition of Laguna is expected to close in mid-March 2013.
Laguna is located in North Dallas, Texas. Built in 1991, Laguna offers appealing golf course views from many units as the asset adjoins the Prestonwood Country Club golf course. It is within close proximity to five of North Dallas' top employment centers, including the Platinum Corridor, I-635 LBJ Freeway West Corridor, Legacy Business Park, Dallas CBD, and Central Expressway's Telecom Corridor, which together offer a critical mass of company headquarters and major operations. Laguna is a gated community that offers an exceptional amenity package including a state-of-the-art fitness center, a resort-style swimming pool with large deck area, attached, detached, and direct-access garages, 9' to 14' ceilings, crown molding, ceiling fans in all living and bedrooms, and full-size washer/dryer connections in all units.
About Pure Multi-Family REIT LP
Pure Multi is a limited partnership formed under the Limited Partnerships Act (Ontario). Pure Multi is focused exclusively on investments in multi-family real estate properties in major markets 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.
Certain statements contained in this news release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward looking statements in this news release include: (i) Pure Multi intends to fund the acquisition of Laguna with equity from its bought deal offering that closed on October 18, 2012; and (ii) the acquisition of Laguna is expected to close in mid-March 2013.
The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by Pure Multi. Although Pure Multi believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Pure Multi can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory or other approvals or satisfy the conditions to closing of the Acquisition and/or loan assumption, competitive factors in the industries in which Pure Multi operates, prevailing economic conditions, and other factors, many of which are beyond the control of Pure Multi.
The forward-looking statements contained in this news release represent Pure Multi's expectations as of the date hereof, and are subject to change after such date. Pure Multi disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
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.
Image with caption: "Laguna Luxury Apartments view overlooking golf course (left) and poolside (right) (CNW Group/Pure Multi-Family REIT LP)". Image available at: http://photos.newswire.ca/images/download/20130207_C4139_PHOTO_EN_23444.jpg
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