Pure Multi-Family REIT LP Announces Closing of Two Previously Announced Properties for US$45.3 M

 
Outdoor living space at Livingston Apartments and pool view at Fountainwood Apartments
 
Pure Multi-Family REIT LP (Pure Multi) announced the successful closing of two multi-family apartment communities in Dallas, Texas for a combined purchase price of $45,300,000.
 
The Properties are known as Livingston Apartments (Livingston), a multi-family apartment community located in Plano, Texas, purchased for US$25,500,000, and Fountainwood Apartments (Fountainwood) located in Euless, Texas, purchased for US$19,800,000.
 
Livingston consists of 180 residential units situated on 11.83 acres of land with 213,838 square feet of rentable space. Amenities and features at the Livingston include a pool, clubhouse, fitness centre and business centre.
 
Fountainwood consists of 288 residential units situated on 13.64 acres with 228,900 square feet of rentable space. Fountainwood's amenities and features include a pool, spa, business centre, library, internet cafe, fitness centre and a luxury outdoor kitchen overlooking the pool.
 
Both Euless and Plano are submarkets located in the Dallas Fort-Worth region. According to the most recent statistics from the United States Census Bureau, the Dallas Fort-Worth region had the largest population gain in the United States from 2011 to 2012.
 
Pure Multi funded the acquisition of the Properties with equity from the bought deal offering that closed on August 7, 2013 and with partial proceeds from new first mortgages in the amount of US$28.9 Million at a weighted average interest rate of 3.94% per annum.
 
Steve Evans, CEO of Pure Multi, is a director of the vendor entities. The properties were acquired indirectly by Pure Multi from a wholly-owned subsidiary of Sunstone U.S. Opportunity Realty Trust (Sunstone).  Pure Multi and Sunstone are non-arm's length parties in accordance with the policies of the TSX Venture Exchange by virtue of having certain directors and officers in common.
 
Mr. Evans added, "We are extremely pleased to be adding these two Dallas market properties to our core portfolio. These Class A properties have historically had very high occupancy levels, and further increase our exposure to the very strong Plano and Euless sub-markets of the burgeoning Dallas-Fort Worth Metroplex, an area that continues to experience strong economic growth and rental rates increases."
 
Pure Multi 's 2013 year-to-date acquisitions are summarized below:
 
 
 
As a result of the Livingston and Fountainwood acquisitions, Pure Multi's portfolio now totals 12 multifamily properties situated on 198 acres of land, with 3,572 apartment units in 253 buildings consisting of approximately 3.10 million rentable square feet.

on September 3, 2013