Vancouver-based Pure Multi-Family REIT LP has entered into separate agreements to acquire two multifamily community apartment properties comprising 408 residential units on a combined basis located in the Dallas-Fort Worth Metroplex for an aggregate purchase price of $24.6 million.
Pure Multi-Family REIT intends to fund the acquisitions with equity from its initial public offering that closed on July 10 and first mortgage financing of up to 65% of the purchase price bearing an anticipated weighted average interest rate of 3.65% per annum. The company expects the acquisitions to close by early September.
