/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./
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.
Pure Multi's units are listed on the TSX Venture Exchange under the
symbol RUF.U. Additional information about Pure Multi is available at www.sedar.com or www.puremultifamily.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.
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 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