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VANCOUVER, March 1, 2016 /CNW/ – Pure Multi-Family REIT LP (“Pure Multi”) (TSXV: RUF.U, RUF.UN, RUF.DB.U; OTCQX: PMULF) announces the successful closing of two previously announced multi-family apartment communities, located in San Antonio, Texas (collectively the “TPC Portfolio”), for a combined purchase price of US$117,500,000.
The TPC Portfolio consists of two properties, one property consisting of 344 luxury residential units located at 22800 Bulverde Road (“Pure Estates at TPC”), San Antonio, Texas and the other property consisting of 416 brand-new luxury residential units located at 4092 TPC Parkway (“Pure View at TPC”), San Antonio, Texas.
Pure Multi funded the purchase of the TPC Portfolio with proceeds from its US$39.2 million bought deal financing which closed on December 11, 2015, net proceeds from the sale of Windsong Apartments, which closed on December 30, 2015, and two new first mortgage financings totaling US$78,000,000.
The two mortgage financings include a new first mortgage financing on the Pure Estates at TPC property in the amount of US$39 million, bearing a fixed interest rate of 3.96% per annum for a term of 8 years; and a new first mortgage financing on the Pure View at TPC property, in the amount of US$39 million, bearing a fixed interest rate of 3.92% per annum for a term of 15 years.
The purchase price of the TPC Portfolio represents a stabilized going-in capitalization rate of approximately 5.40%.
Stephen Evans, CEO, commented, “We are excited to add the TPC Portfolio, consisting of two top-quality assets, located in the prestigious Cibolo Canyons master-planned sub-division, to our existing San Antonio holdings. Pure View at TPC is situated immediately adjacent to the TPC San Antonio golf course affording residents with excellent views, and Pure Estates at TPC features an incredible resort hotel-style spa for our resident’s enjoyment.”
With the closing of TPC Portfolio, Pure Multi’s portfolio consists of 16 multi-family properties situated on 298 acres of land, with 5,197 apartment units, with an average unit size of 930 square feet.
About Pure Multi-Family REIT LP
Pure Multi is a Canadian based, publically traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.
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