PHOENIX, AZ - Pure Multi-Family REIT announced that it has entered into an agreement to acquire a multi-family apartment community located in Phoenix, Arizona for a purchase price of US$59,000,000. The Property is located at 601 W Fillmore Street in Phoenix, Arizona.
Developed in 2016, the Property is an institutional quality multi-family asset comprising 230 units with an average unit size of 934 square feet. The Property is located on 4.0 acres near Fillmore Street and Seventh Avenue and offers residents a unique value proposition that includes excellent walkability and bike-ability to the unique amenities found in Downtown Phoenix.
Unit interiors feature high-end amenities such as oversized quartz countertops and islands, stainless steel appliances, vinyl plank flooring, full size in-unit washers and dryers, spacious walk-in closets and built-in shelving. Many units also come with electronic entry locks, private balconies and covered parking. High tech packages are also available in select suites featuring audio visual upgrades including wall speakers and Bluetooth capabilities.
The Property features a rooftop lounge with views of downtown Phoenix, pet areas featuring dog washing stations and a fenced dog run, a club room with a 13-foot television, a demonstration kitchen, ultra-luxe pool, spa, cabanas with towel service, bike shop, gas grills, and an on-site coffee shop which delivers food and beverage items to residents.
Stephen Evans, Pure Multi-Family's CEO, stated "We are pleased to add to our Phoenix portfolio as we continue to acquire new and nearly new properties with market leading amenities in dynamic locations that we believe are well positioned for future growth. The property is a unique asset with luxury amenities in a rapidly changing and highly demanded submarket. The property features artwork from local artists and architectural features that honour the heritage and style of its neighbourhood."
The acquisition is subject to the satisfaction of customary conditions precedent and is expected to close in late November 2017. Pure Multi-Family intends to fund a portion of the purchase price with cash on hand and new debt financing on terms to be determined.