/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./
VANCOUVER, June 24, 2013 /CNW/ - Pure Multi-Family REIT LP ("Pure
Multi") (TSXV: RUF.U) announced today the successful closing of The
Boulevard at Deer Park ("The Boulevard") a multi-family apartment
community comprising 216 residential units located in Deer Park, a
suburb of greater Houston, Texas, for a purchase price of
The Boulevard consists of 216 residential units located in 10 buildings
on a 12.2 acre site. The property has close access to the Sam Houston
Tollway/Beltway 8, Houston's outer loop road providing connections to
major highways in the city.
The Class A property was developed in 2000 by its previous owner and has
been very well maintained. It is one of only three Class A communities
in its submarket and has averaged a high occupancy level since its
initial lease-up. In the past year, the apartment units have been
upgraded with laminate granite countertops, wood plank flooring (first
floor units), faux wood blinds, nickel hardware and upgraded lighting.
The property is located within five miles of three of the largest
employers in the Port of Houston.
Pure Multi funded the acquisition of The Boulevard with equity from the
bought deal offering that closed on May 8, 2013 and first mortgage
financing in the amount of US$16,480,000, which bears an interest rate
of 4.21% per annum for a term of 10 years. The Boulevard was acquired
at a going-in capitalization rate of 6.07%.
Stephen Evans, CEO, said "We are pleased to be adding The Boulevard to
our portfolio. The property is of a very high quality, with recent
upgrades, which will allow us to attract premium rentals. Pure Multi's
acquisition strategy is to acquire newer, higher quality multi-family
properties in the major markets of the U.S., with a focus on the U.S.
Sunbelt. Our goal is to acquire properties in clusters, which will
ensure regional economies of scale and geographic diversification
within our portfolio. Having built an eight-property portfolio
consisting of 2,624 apartments in Dallas-Fort Worth Metroplex, we are
now expanding into the Houston market with our ninth acquisition.
Houston is a major economic centre featuring strong population and
employment growth and demand for multi-family real estate."
About Pure Multi-Family REIT LP
Pure Multi is a Canadian based, publically traded vehicle which offers
investors exclusive exposure to U.S. multi-family real estate assets.
Pure Multi's Units are USD denominated and allow Canadian investors the
opportunity to buy into under-valued American hard assets while the
Canadian dollar trades near 40 year highs. Additional information about
Pure Multi is available at www.puremultifamily.com or 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.
Image with caption: "Pool view at The Boulevard at Deer Park (CNW Group/Pure Multi-Family REIT LP)". Image available at: http://photos.newswire.ca/images/download/20130624_C2939_PHOTO_EN_28447.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