PHOENIX, AZ - Pure Multi-Family REIT announced the successful closing of the previously announced multi-family apartment community Pinnacle at Union Hills, located in the North Phoenix, Arizona, for a purchase price of $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.
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.