VANCOUVER, BC–(Marketwired – June 12, 2017) – 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 the previously announced multi-family apartment community known as Park 28 (“Park 28”) in Phoenix, Arizona, on June 9, 2017, for a purchase price of US$29.7 million.
Park 28 is a luxury Class A community constructed in 2016 and consists of 152 residential units averaging 826 square feet. It features a resort-style pool area with outdoor lounge and kitchen, a full fitness facility, and a business centre.
Pure Multi-Family funded the acquisition of Park 28 with proceeds from the recent equity offering, which closed on April 7, 2017, and new first mortgage financing in the amount of US$14.85 million.
The first mortgage financing bears a fixed interest rate of 3.84% per annum for a term of 15 years.
Stephen Evans, Pure Multi-Family’s CEO, stated, “Park 28’s central Phoenix infill location is in the highly desirable residential area known as the Arcadia neighbourhood and offers immediate walking distance access to a Sprouts Grocery Store, several restaurants, Starbucks, and various other services. Park 28 is also a three minute drive from the Biltmore area, including the storied Biltmore Resort and Spa and the high-end Biltmore Fashion Park. The property offers views of Camelback Mountain, the adjacent Los Olivos Municipal Park, as well as downtown Phoenix, which is just ten minutes away. By utilizing 50% mortgage loan-to-value we have continued our plan to reduce our overall leverage thereby enhancing stability.”
Upon completion of the acquisition of the Park 28, Pure Multi-Family’s portfolio consists of 18 multi-family properties comprising an aggregate of 5,945 residential units, situated on 317 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-Family 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) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
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For more information please contact:
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: agreig@puremultifamily.com