PHOENIX, AZ - Pure Multi-Family REIT announced that it has entered into an agreement to acquire Pinnacle at Union Hills, a multi-family apartment community, located in Phoenix, Arizona, for a purchase price of $47.5 million.
Developed by Trammel Crowe Residential in 1997, Pinnacle at Union Hills is a 264 unit, institutional quality asset, with an average unit size of 1,019 square feet.
Pinnacle is located 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, stand-alone leasing office and Wi-Fi café.
Stephen Evans, Pure Multi-Family's CEO, stated, "We have been monitoring the Phoenix market for an extended period and are very pleased to be expanding our footprint with this institutional quality property located in north Phoenix, close to a strong and diverse employment centre, that already hosts the offices of several international corporations."
The acquisition is subject to the satisfaction of customary conditions precedent and is expected to close in mid-June, 2017. Pure Multi-Family intends to fund the acquisition of Pinnacle with proceeds from the recent equity offering, which closed on April 7, 2017.
Pure Multi-Family is a Canadian based, publicly traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.