VANCOUVER, Aug. 10, 2015 /CNW/ – Pure Multi-Family REIT LP (“Pure Multi”) (TSXV: RUF.U, RUF.UN; RUF.DB.U; OTCQX: PMULF) announces the successful closing of the Amalfi Stonebriar, a multi-family apartment community (“Amalfi”) in Dallas, Texas for a purchase price of US$67,500,000.
Amalfi was constructed in 2014 and consists of 395 brand new luxury residential units averaging 811 square feet. Amalfi, a Class AA, institutional quality, apartment community is located in the thriving northern Dallas submarket of Frisco, situated on the doorstep of the world renowned, master-planned Legacy Business Park and proximate to the planned/underway corporate relocations of FedEx Headquarters, Toyota North American Headquarters and Liberty Mutual Headquarters, in addition to the other numerous Fortune 500 companies already based in the Legacy area. Amalfi boasts custom home interior features such as stainless steel appliances, granite countertops, expresso cabinetry, wood flooring and mosaic tile back splashes complimented by under counter lighting.
Pure Multi funded the purchase price of Amalfi with proceeds from Pure Multi’s bought deal financing which closed on May 8, 2015 and new first mortgage financing, in the amount of US$45,000,000, which bears a fixed interest rate of 3.83% per annum for a term of 12 years. The purchase price represents a stabilized going-in capitalization rate of 5.35%.
Steve Evans, CEO, commented, “Our strategic acquisition of Amalfi further demonstrates the high-grading of our portfolio. Amalfi’s brand new construction (2014), Italian inspired luxury architecture and amenities, and location in a neighbourhood that boasts one of the highest concentrations of annual job growth in North America make it a true showpiece in our portfolio and an example of the execution of our growth strategy. We are excited to continue to high-grade our portfolio with future acquisitions and demonstrating the resulting growth at Pure Multi.”
As a result of the Amalfi acquisition, Pure Multi’s portfolio now totals 15 multi-family properties situated on 254 acres of land, with 4,655 apartment units in 277 buildings.
About Pure Multi-Family REIT LP
Pure Multi 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) We are excited to continue to high-grade our portfolio with future acquisitions and demonstrating the resulting growth at Pure Multi. The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by Pure Multi, including: expectations and assumptions concerning receipt of required regulatory approvals and the satisfaction of other conditions to the completion of and use of proceeds from the Offering.
Although Pure Multi 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 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 identify, negotiate the purchase of and acquire quality Class A assets, competitive factors in the industries in which Pure Multi operates, prevailing economic conditions, and other factors, many of which are beyond the control of Pure Multi.
The forward-looking statements contained in this news release represent Pure Multi’s expectations as of the date hereof, and are subject to change after such date. Pure Multi 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
Image with caption: “Corner view of Pure Multi’s acquisition: the Amalfi Stonebriar in Dallas, Texas (CNW Group/Pure Multi-Family REIT LP)”. Image available at: http://photos.newswire.ca/images/download/20150810_C7594_PHOTO_EN_475405.jpg