VANCOUVER, July 12, 2012 /CNW/ - Pure Multi-Family REIT LP (the "REIT
LP") (TSXV: RUF.U) announced today the successful closing of two
properties comprising an aggregate of 390 residential units located in
the Dallas-Fort Worth area for a total purchase of US$21,958,918, as
described in greater detail in its initial public offering prospectus
dated July 3, 2012.
The REIT LP indirectly acquired Windscape Apartment Homes, located at
3099 Parnham Drive, Grand Prairie, Texas, for a purchase price of
US$8,378,785. The property has a total of 154 units, total rentable
area of 118,976 square feet and is situated on an 8.5 acre site. It
contains 13 two-story apartment buildings, one clubhouse, one leasing
office, and includes a long list of amenities designed to attract and
retain tenants, including a multi-level pool with waterfall, a jacuzzi,
a picnic and barbeque area, a fitness center, nine-foot ceilings,
walk-in closets, private patios and balconies, ceramic tile, hardwood
style flooring, ceiling fans, private alarms, outside storage, and
French doors. As of the closing of the acquisition, the property was
96% occupied. The REIT LP funded the acquisition with equity from its
initial public offering that closed on July 10, 2012 ("IPO") and a
first mortgage loan in the amount of US$5,090,000 for a seven year term
at an interest rate of 3.52% per annum. The asset was acquired at an
attractive capitalization rate of 7.6%.
The REIT LP also indirectly acquired Oakchase Apartments, located at
4924 Sigmond Drive, Arlington, Texas, for a purchase price of
US$13,580,133. The property has a total of 236 units, total rentable
area of 181,372 square feet and is situated on a 10.2 acre site. It contains 17, two-story buildings, one clubhouse, and one leasing office.
The property includes a long list of amenities designed to attract and
retain tenants, including two swimming pools, a jacuzzi, two tennis
courts, a 24 hour fitness center, ceiling fans, hardwood style
flooring, walk-in closets, wood-burning fireplaces, private alarms,
private patios and balconies and dishwashers. As of the closing of the
acquisition, the property was 95.3% occupied. The REIT LP funded the
acquisition with equity from its IPO and a first mortgage loan in the
amount of US$8,940,000 for a five year term at an interest rate of
3.28% per annum. The asset was acquired at an attractive
capitalization rate of 7.6%.
"Both properties closed with interest rates better than we initially
projected," stated Stephen Evans, CEO of the REIT LP. "The Properties
are in desirable geographic locations, well tenanted and indicative of
the types of properties we will continue to acquire."
About Pure Multi-Family REIT LP
The REIT LP 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 REIT LP 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
Additional information about Pure Multi-Family REIT LP is available at 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