Pure Multi-Family REIT LP announces closing of previously announced property for US$45.4 million
06 Jun, 2013, 17:39 ET
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VANCOUVER, June 6, 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 Vistas at Hackberry Creek ("Hackberry Creek"), comprising 560 residential units located in the Las Colinas sub-market of Dallas, Texas, for a purchase price of US$45,400,000.
Hackberry Creek consists of over 435,000 square feet of residential premises located in 54 buildings on a 24.6 acre site. This high quality property has been institutionally owned and very well maintained, and recently completed an extensive interior and exterior upgrade program. Hackberry Creek is in an excellent location in the Las Colinas master-planned development, a sub-market of Dallas, Texas, overlooking the prestigious Hackberry Creek Country Club. It has close access to Las Colinas' three major highway systems and the DART Light Rail Line which opened service in Las Colinas in 2012.
Pure Multi funded the acquisition of Hackberry Creek with equity from the bought deal offering that closed on May 8, 2013 and first mortgage financing in the amount of US$29,500,000, which bears an interest rate of 3.9% per annum for a term of 15 years. Hackberry Creek was acquired at a going-in capitalization rate of 6.49%.
Stephen Evans, CEO, stated, "We are excited with the completion of this high quality property acquisition in the sought-after Las Colinas sub-market as we continue to increase our stake 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 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 and clubhouse view at Vistas at Hackberry Creek (CNW Group/Pure Multi-Family REIT LP)". Image available at: http://photos.newswire.ca/images/download/20130606_C6058_PHOTO_EN_27656.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
E-mail: [email protected]
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