VANCOUVER, July 10, 2015 /CNW/ - Pure Multi-Family REIT LP ("Pure Multi") (TSXV: RUF.U, RUF.UN; RUF.DB.U; OTCQX: PMULF) announced today that it has entered into an agreement to acquire a multi-family apartment community, known as the Amalfi Stonebriar ("Amalfi"), located in Dallas, Texas for a purchase price of US$67,500,000.
Amalfi was constructed in 2014 and consists of 395 brand new luxury residential units averaging 811 square feet. Amalfi, a Class AA, institutional quality, apartment community is located in the thriving northern Dallas submarket of Frisco, situated on the doorstep of the world renowned, master-planned Legacy Business Park and proximate to the planned/underway corporate relocations of FedEx Headquarters, Toyota North American Headquarters and Liberty Mutual Headquarters, in addition to the other numerous Fortune 500 companies already based in the Legacy area. Amalfi boasts custom home interior features such as stainless steel appliances, granite countertops, expresso cabinetry, wood flooring and mosaic tile back splashes complimented by under counter lighting.
Pure Multi intends to fund the purchase of Amalfi with proceeds from Pure Multi's bought deal financing which closed on May 8, 2015, and new first mortgage financing, in the amount of US$45,000,000, which bears a fixed interest rate of 3.83% per annum for a term of 12 years. The purchase price represents a stabilized going-in capitalization rate of 5.35%. The acquisition of Amalfi is subject to the satisfaction of customary conditions precedent and is expected to close on August 10, 2015.
Steve Evans, CEO, commented, "We are very excited about the acquisition of the Amalfi Stonebriar due to the asset quality and its incredible location. Amalfi is in a neighbourhood that boasts one of the highest concentrations of annual job growth in North America, as evidenced by the 10,000 new professional jobs that have been announced within walking distance from the property. In addition, there are a large number of great restaurants and high-end retail shops in the immediate area making Amalfi a true live-work-play lifestyle choice. It simply doesn't get any better than this."
After the Amalfi acquisition has completed, Pure Multi's portfolio will consist of 15 multi-family properties situated on 254 acres of land, with 4,655 apartment units in 277 buildings.
About Pure Multi-Family REIT LP
Pure Multi is a Canadian based, publically traded vehicle which offers investors exclusive exposure to attractive, institutional quality 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.
SOURCE Pure Multi-Family REIT LP
Image with caption: "Corner view of Pure Multi's latest acquisition: the Amalfi Stonebriar in Dallas, Texas (CNW Group/Pure Multi-Family REIT LP)". Image available at: http://photos.newswire.ca/images/download/20150710_C3976_PHOTO_EN_443053.jpg
Image with caption: "Aerial view of Pure Multi's latest acquisition: the Amalfi Stonebriar and surrounding Fortune 500 head offices (CNW Group/Pure Multi-Family REIT LP)". Image available at: http://photos.newswire.ca/images/download/20150710_C3976_PHOTO_EN_443055.jpg
For further information: Andrew Greig, 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]