VANCOUVER, Oct. 23, 2017 /CNW/ - Pure Multi-Family REIT LP ("Pure Multi-Family") (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 (the "Property") located in Phoenix, Arizona for a purchase price of US$59,000,000. The Property is located at 601 W Fillmore Street in Phoenix, Arizona.
Developed in 2016, the Property is an institutional quality multi-family asset comprising 230 units with an average unit size of 934 square feet. The Property is located on 4.0 acres near Fillmore Street and Seventh Avenue and offers residents a unique value proposition that includes excellent walkability and bike-ability to the unique amenities found in Downtown Phoenix.
Unit interiors feature high-end amenities such as oversized quartz countertops and islands, stainless steel appliances, vinyl plank flooring, full size in-unit washers and dryers, spacious walk-in closets and built-in shelving. Many units also come with electronic entry locks, private balconies and covered parking. High tech packages are also available in select suites featuring audio visual upgrades including wall speakers and Bluetooth capabilities.
The Property features a rooftop lounge with views of downtown Phoenix, pet areas featuring dog washing stations and a fenced dog run, a club room with a 13-foot television, a demonstration kitchen, ultra-luxe pool, spa, cabanas with towel service, bike shop, gas grills, and an on-site coffee shop which delivers food and beverage items to residents.
Stephen Evans, Pure Multi-Family's CEO, stated "We are pleased to add to our Phoenix portfolio as we continue to acquire new and nearly new properties with market leading amenities in dynamic locations that we believe are well positioned for future growth. The property is a unique asset with luxury amenities in a rapidly changing and highly demanded submarket. The property features artwork from local artists and architectural features that honour the heritage and style of its neighbourhood."
The acquisition is subject to the satisfaction of customary conditions precedent and is expected to close in late November 2017. Pure Multi-Family intends to fund a portion of the purchase price with cash on hand and new debt financing on terms to be determined.
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.
Certain statements contained in this news release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward looking statements in this news release include: (i) the acquisition is subject to the satisfaction of customary conditions precedent and is expected to close in late November 2017; and (ii) Pure Multi-Family intends to fund a portion of the purchase price with cash on hand and new first mortgage financing on terms to be determined. The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by Pure Multi-Family, including: (i) Pure Multi-Family's ability to satisfy the conditions precedent to complete the acquisition of the property; and (ii) Pure Multi-Family ability to obtain new first mortgage financing.
Although Pure Multi-Family believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Pure Multi-Family can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to satisfy the condition precedent to complete the acquisition of the Property, the failure to obtain mortgage financing on acceptable terms, competitive factors in the industries in which Pure Multi-Family operates, prevailing economic conditions, and other factors, many of which are beyond the control of Pure Multi-Family.
The forward-looking statements contained in this news release represent Pure Multi-Family's expectations as of the date hereof, and are subject to change after such date. Pure Multi-Family disclaims any intention or obligation to update or revise any forward-looking statements whether as a result.
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, Vice President, Investor Relations, Direct: 604-449-5286, Email: [email protected], Pure Multi-Family REIT LP, Suite 910, 925 West Georgia Street, Vancouver, BC V6C 3L2, Tel: 604-681-5959 or Toll Free: 1-888-681-5959