Pure Multi-Family REIT Acquires Two San Antonio Communities
Canadian REIT Pure Multi-Family closed on the agreement to purchase the TPC multifamily portfolio in San Antonio.
By Anca Gagiuc, Associate Editor
The purchase of TPC Portfolio was funded with proceeds from its $39.2 million bought deal financing (closed on Dec. 11, 2015), net proceeds from the sale of Windsong Apartments (closed on Dec. 30, 2015) and two new first-mortgage financings totaling $78 million. The purchase price of the TPC Portfolio represents a stabilized going-in cap rate of approximately 5.4 percent.
The two mortgage financings include a new first mortgage financing on the Pure Estates at TPC property in the amount of US$39 million, bearing a fixed interest rate of 3.96 percent per annum for an eight-year term; and a new first-mortgage financing on the Pure View at TPC property, in the amount of US$39 million, bearing a fixed interest rate of 3.92 percent per annum for a 15-year term.
“We are excited to add the TPC Portfolio, consisting of two top-quality assets, located in the prestigious Cibolo Canyons master-planned sub-division, to our existing San Antonio holdings. Pure View at TPC is situated immediately adjacent to the TPC San Antonio golf course, affording residents with excellent views, and Pure Estates at TPC features an incredible resort hotel-style spa for our resident’s enjoyment,” said Stephen Evans, CEO.
The TPC Portfolio is made up of two properties—one consisting of 344 luxury residential units located at 22800 Bulverde Road (Pure Estates at TPC) and the other totaling 416 luxury residential units located at 4092 TPC Parkway (Pure View at TPC).