VANCOUVER, July 13, 2012 /CNW/ - Pure Multi-Family REIT LP (the "REIT LP") (TSXV: RUF.U) announced today it has entered into a binding purchase agreement for a Class A multi-family community consisting of 210 residential units located in the Dallas-Fort Worth area, for a total purchase of US$22,600,000. The purchase is scheduled to close on July 18, 2012.
The REIT LP intends to fund the acquisition with equity from its initial public offering that closed on July 10, 2012 ("IPO"). Subsequent to the closing the REIT LP intends to obtain a first mortgage loan in the amount of approximately US$13,600,000 at an estimated interest rate of 3.6% per annum.
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 estate assets.
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.
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