VANCOUVER, Nov. 13, 2014 /CNW/ - Pure Multi-Family REIT LP ("Pure Multi") (TSXV: RUF.U, RUF.UN, RUF.DB.U; OTCQX: PMULF) today announced that it has entered into an agreement to sell Windscape Apartment Homes ("Windscape"), located in Grand Prairie, Texas, a submarket of Dallas-Fort Worth, for gross proceeds of US$10.5 million. The sale is expected to close in early December 2014.
Windscape is comprised of 154 residential units, situated on 8.5 acres of land and was built in 1985. Pure Multi acquired Windscape in July 2012 for US$8.4 million. As part of Pure Multi's commitment to create value for its unitholders through selective dispositions of its Class B assets, Pure Multi anticipates using the net proceeds from this sale to improve the overall quality of the portfolio by acquiring a high-quality Class A property.
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 TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: Pure Industrial Real Estate Trust (PIRET)
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]