VANCOUVER, BC--(Marketwired - September 15, 2016) -
NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Pure Multi-Family REIT LP ("Pure Multi-Family") (TSX VENTURE: RUF.U) (TSX VENTURE: RUF.UN) (TSX VENTURE: RUF.DB.U) (OTCQX: PMULF) announces the successful closing of a 368 unit Class "AA" luxury apartment community (the "Property"), located in the Oak Lawn submarket of Dallas, Texas, for a purchase price of US$71.0 million.
The Property, located at 4210 Fairmount Street, Dallas, Texas, was constructed in 2015 and consists of 368 luxury apartments averaging 829 square feet. The Property is a unique Class "AA" trophy property in a prime, infill location. On closing, the Property has been rebranded as "The Avenue on Fairmount Apartments."
The Oak Lawn submarket offers residents easy access to downtown Dallas, the Dallas Medical District, Uptown Dallas and Love Field Airport, each within a 10 minute drive. Additionally, numerous trendy restaurants and entertainment venues are within walking distance of this asset.
Pure Multi-Family funded the purchase of the Property with proceeds from its CDN$37.3 million bought deal financing which closed on July 29, 2016, and a new first mortgage financing. The new first mortgage financing in the amount of US$43 million, is interest-only for the first two years, and bears a fixed interest rate of 3.40% per annum for a term of 12 years.
The purchase price of the Property represents a stabilized going-in capitalization rate of approximately 5.25%.
Stephen Evans, CEO, said, "We are excited to complete this strategic acquisition located in such a strong growth area, which features an exceptional array of amenities both within the property and its vibrant surrounding neighbourhood."
Including the closing of The Avenue on Fairmount Apartments, Pure Multi-Family's portfolio consists of 17 multi-family properties comprising 5,565 apartment units, with an average unit size of 923 square feet situated on 301 acres of land.
About Pure Multi-Family REIT LP
Pure Multi-Family is a Canadian based, publically traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.
Additional information about Pure Multi is available at www.puremultifamily.com or 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.
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