Pure Multi buying $117.5 million San Antonio multifamily portfolioPure Multi buying $117.5 million San Antonio multifamily portfoliohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120282016-02-05T06:00:00Z2016-02-05T18:00:00Z

​​​​SAN ANTONIO – Vancouver-based Pure MultiFamily REIT LP has agreed to purchase two multifamily communities, known collectively as the TPC Portfolio, for an aggregate purchase price of $117.5 million, or around $155,000 per unit. 

​​The 416-unit The Towers at TPC delivered last October at 4092 TPC Pkwy. and includes eight buildings on 19.4 acres. It consists of one- to four-bedroom floor plans averaging 943 sf.

​The Mansions is a 344-unit garden-style community completed in 2007 at 22800 Bulverde Rd. It consists of one- to four-bedroom floorplans, averaging 1,135 sf, across 38 buildings on a 34.8-acre site.

Pure Multi will use proceeds from its year-end sale of the Windsong Apts. in Dallas, as well as bought deal financing that closed Dec. 11 and a first mortgage loan of around $78 million, to finance the deal. The loan will have a fixed interest rate of 4 percent per annum over a 12-year period.

CoStar Group
San Antonio-New Braunfels
http://www.costar.com/News/Article/Pure-Multi-Family-REIT-to-Expand-US-Holdings-with-$1175-Million-MF-Buy-in-San-Antonio/179384Read more at {Source}

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