Why Multi-Family REIT Loves US Apartments
Pure Multi-Family REIT CEO Steve Evans gave us several reasons why the Vancouver-based company looks for apartment rental properties exclusively in the US (besides slowly prosthelytizing about the magic of curling to the unitiatied masses). You can't find the same value—particularly in terms of price per unit and cap rate—in BC. The company announced the formal closing of another acquisition—20% interest in San Brisas Apartment Homes in Phoenix—for $5.6M.
San Brisas has 208 residential units with 211k SK of rentable space. The price represents an appraised cap rate of 5.6%. Steve points to active job growth in the market as one of the foundations of the acquisition. (Hiring is good because people show up to take Breaking Bad tours before realizing that's actually in neighboring New Mexico.) Pure Multi's acquisitions to date for 2013 now total $153M and over 1,700 units in seven separate deals. Its portfolio is now 13 multifamily properties, 3,600 apartment units, and 3.1M SF of rentable area—all US-based. Pictured is Windsong Apartment Homes in Dallas, purchased earlier this year for $16.5M.