Morguard North American Residential Real Estate Investment Trust (REIT), headquartered in Mississauga, Ontario, has completed the purchase of six multifamily properties from an institutional fund sponsored by Pearlmark Real Estate Partners LLC for $218 million.
The six properties acquired are residential apartment and townhome complexes comprising 1,793 suites located in Denver, Atlanta, Tampa and Cary, N.C. In connection with the purchase of four of the six acquired properties, the REIT assumed in-place mortgage financing of $81.8 million; for the remaining two properties, the REIT, at closing, entered into first mortgage financing arrangements in an aggregate amount of $57.7 million for terms of 10 years.
The REIT is expected to complete the acquisition of an additional six multi-unit residential assets, from Pearlmark, by the end of May.
‘These investments are strategic to the REIT's ongoing success of acquiring institutional quality assets resulting in dependable income for unit holders,’ says Rai Sahi, CEO of Morguard North American Residential REIT. ‘We are on a clear path to execute our U.S. growth strategy in 2013.’