Pure Multi-Family REIT LP announces closing of previously announced property for US$17.5 million
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VANCOUVER, March 15, 2013 /CNW/ - Pure Multi-Family REIT LP ("Pure Multi") (TSXV: RUF.U) announced today the successful closing of a multi-family apartment community, commonly 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.
Built in 1991 in the North Dallas submarket, Laguna offers appealing golf course views from many units as the asset adjoins the Prestonwood Country Club. 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.
Pure Multi funded the acquisition of Laguna with equity from the bought deal offering that closed on October 18, 2012 and first mortgage financing in the amount of US$8,670,000, which bears an interest rate of 3.46% per annum for a term of 10 years. Laguna was acquired at a going-in capitalization rate of 6.4%.
Stephen Evans, CEO, stated, "We are excited with the completion of this high quality property acquisition as we continue to 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). 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.
Image with caption: "Laguna Luxury Apartments adjoining Prestonwood Country Club (CNW Group/Pure Multi-Family REIT LP)". Image available at: http://photos.newswire.ca/images/download/20130315_C5595_PHOTO_EN_24602.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