Pure Multi-Family REIT to buy two Texas apartment properties for US$24.6M

VANCOUVER – Pure Multi-Family REIT LP (TSXV: RUF.U) says it plans to buy two apartment properties in Texas for a total of US$24.6 million.

The company says it has entered into separate agreements to buy the properties which hold 408 residential units altogether and are located in the Dallas-Fort Worth Metroplex.

It says it will fund the acquisitions with equity from an initial public offering which closed on July 10, and first mortgage financing of up to 65 per cent of the purchase price.

The purchases are expected to close by early September.

Pure Multi is a limited partnership which invests in multi-family real estate properties in major U.S. markets.