Pure Multi REIT to acquire two U.S. apartments

Monday, July 21, 2014

Canadian-based Pure Multi-Family REIT LP (Pure Multi) recently announced its intent to acquire two multi-family properties located in Dallas, Texas and Phoenix, Arizona. The company has entered into conditional agreements to complete the acquisitions, which will represent an aggregate purchase price of $63.1 million U.S.

The Dallas property, known as The Preserve at Arbor Hills, features 330 one, two and three-bedroom units, ranging from 692 to 1,415 square feet in size. Located in a northern suburb of Dallas, known as Plano, the property includes a resort-style swimming pool, heated spa, business centre, clubroom, 24-hour fitness facility and outdoor picnic areas equipped with kitchens. The property overlooks a 200-acre park.

San Brisas Apartment Homes, the Phoenix property to be acquired, is located in a southeastern suburb of Phoenix known as Chandler. The property includes 26 two-storey rental buildings with a total of 208 residential units. The units range from 702 to 1,278 square feet in size. Property amenities and features include a pool, spa, social centre, fitness centre, business centre, storage options, lighted beach volleyball court, clubhouse and controlled access. Pure Multi acquired a 20 per cent interest in the property on October 1, 2013. The conditional agreement includes an acquisition of the remaining 80 per cent.

“We are pleased to be adding The Preserve and the remaining interest in San Brisas to our portfolio,” says Stephen Evans, CEO of Pure Multi. “The properties are very well located and have been exceptionally well maintained. The Preserve illustrates our ambition to acquire properties in proximity to special features such as golf courses, nature preserves, water features and other lifestyle amenities that can help drive tenant demand. The San Brisas acquisition consolidates our ownership of a market-leading Class A property located in a very strong high-tech employment corridor.”

Once the acquisition of the two properties is finalized, Pure Multi’s portfolio will include 15 properties with a total of 4,462 residential units.