Pure Multi-Family REIT completes US $47.5M Pinnacle acquisitions

pcNewsWire Pure Multi-Family REIT LP (TSX-V: RUF.U, RUF.UN; RUF.DB.U; OTCQX: PMULF) has closed previously announced acquisition of multi-family apartment community Pinnacle at Union Hills, located in North Phoenix, Arizona, for a purchase price of US$47.5 million.

Pure Multi-Family funded the purchase of Pinnacle with proceeds from the recent equity offering, which closed on April 7, 2017. Pure Multi-Family intends to place new first mortgage financing on the Pinnacle in due course.

News Release

PURE MULTI-FAMILY REIT LP ANNOUNCES THE CLOSING OF A PREVIOUSLY ANNOUNCED PROPERTY IN PHOENIX, ARIZONA FOR US$47.5 MILLION

Pure Multi-Family’s June 2017 acquisition: Pinnacle at Union Hills located in North Phoenix, Arizona

Vancouver, BC – June 15, 2017: Pure Multi-Family REIT LP (“Pure Multi-Family”) (TSXV: RUF.U, RUF.UN; RUF.DB.U; OTCQX: PMULF) announces the successful closing of the previously announced multi-family apartment community Pinnacle at Union Hills (“Pinnacle”), located in North Phoenix, Arizona, for a purchase price of US$47.5 million.

Pinnacle is a 264-unit, institutional quality asset, with an average unit-size of 1,019 square feet. Pinnacle is situated in a strong North Phoenix location that borders the future Arizona Biomedical Corridor and the prestigious North Scottsdale submarket. Approximately 77% of the units have been upgraded with an interior renovation package that includes stainless steel appliances, Corian countertops and wood-plank vinyl flooring. Pinnacle features two resort-style swimming pools, a 24-hour fitness centre, a stand-alone leasing office and a Wi-Fi café.

Pure Multi-Family funded the purchase of Pinnacle with proceeds from the recent equity offering, which closed on April 7, 2017. Pure Multi-Family intends to place new first mortgage financing on the Pinnacle in due course.

Stephen Evans, Pure Multi-Family’s CEO, stated, “We are excited to add another high-quality stable asset to our portfolio. With this acquisition, we now have three multi-family properties in the Phoenix area, and look to further expand our footprint in this strong and growing market.”

Upon completion of the acquisition of the Pinnacle, Pure Multi-Family’s portfolio consists of 19 multi-family properties comprising an aggregate of 6,209 residential units, situated on 328 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.

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