Pure Multi-Family REIT LP Announces Closing of Previously Announced Property
for US$49.35 Million
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES./
VANCOUVER, Oct. 31, 2012 /CNW/ - Pure Multi-Family REIT LP ("Pure Multi")
(TSXV: RUF.U) today announced the successful closing of a multi-family
apartment community (the"Acquisition"), commonly referred to as Bear Creek,
comprising 436 residential units located in the Dallas-Fort Worth Metroplex,
for a purchase price of US$49,350,000.
Bear Creek is a luxury garden style apartment property constructed in 2004
consisting of 31 buildings on 28.0 acres located in the Bear Creek
master-planned neighbourhood. The buildings have stucco and stone exteriors,
pitched roofs covered by composition shingles, and many units include attached
direct-access garages. Unit interiors feature 9 foot ceilings, crown
moulding, black appliances, and built-in shelving. Bear Creek also features
prestigious controlled-access entry gates, a luxurious clubhouse and a leasing
office, as well as two resort-style swimming pools, a hot tub, a poolside
gazebo, a state-of-the-art fitness centre and significant landscaping
Pure Multi funded the Acquisition with equity from the bought deal offering
that closed on October 18, 2012 and first mortgage financing in the amount of
US$32,080,000 bearing an interest rate of 3.45% per annum for a term of 7
years. The set interest rate is significantly lower than the projected
interest rate of 3.71% as previously announced. The purchase price for the
Acquisition represents a 6.5% going-in capitalization rate.
About Pure Multi-Family REIT LP
Pure Multi 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. Pure Multi 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.
Pure Multi's units are listed on the TSX Venture Exchange under the symbol
RUF.U. 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.
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
SOURCE: Pure Multi-Family REIT LP
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CO: Pure Multi-Family REIT LP
ST: British Columbia
NI: MNA REL
-0- Oct/31/2012 23:59 GMT
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