VANCOUVER, Oct. 2, 2017 /CNW/ - Pure Multi-Family REIT LP ("Pure Multi-Family") (TSXV: RUF.U, RUF.UN; RUF.DB.U; OTCQX: PMULF) announces the successful closing of the previously announced multi-family apartment community Farmers Market Apartments ("Farmers Market"), located in Dallas, Texas for a purchase price of US$66,350,000. Upon closing, the property will be rebranded as PURE Farmers Market.
Developed in 2016, the property is an institutional quality multi-family asset comprising 340 units with an average unit size of 824 square feet. The property is located adjacent to the newly transformed Dallas Farmers Market, a 26,000 square foot open-air farmers' pavilion offering local seasonal produce, naturally raised meats, eggs, cheeses, and other goods from local food artisans.
Pure Multi-Family funded the purchase of Farmers Market with proceeds from the equity offering which closed on June 30, 2017 and new first mortgage financing in the amount of US$33.5 million, which bears a fixed interest rate of 3.67% per annum for a term of twelve years.
Stephen Evans, Pure Multi-Family's CEO, stated "We are excited about the addition of this core asset to our portfolio. Farmers Market is an exciting live, work and play asset, adjacent to the recently renovated Dallas Farmers Market, and minutes away from the Dallas Central Business District and the bustling Deep Ellum entertainment district."
Upon completion of the acquisition of Farmers Market, Pure Multi-Family's portfolio consists of 21 multi-family properties comprising an aggregate of 6,855 residential units, situated on 347 acres of land.
About Pure Multi-Family REIT LP
Pure Multi-Family is a Canadian based, publicly 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
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]